What Is a Grey Divorce?

A grey divorce, or silver splitter, refers to couples who divorce later in life. These scenarios bring with them unique circumstances and questions regarding such areas as finances, where to live, and what the future holds, particularly when the couple has higher assets or are very accustomed to their current lifestyle.

What to Expect?

If you are over 50 and going through a divorce, you may face some unique challenges that younger couples may not encounter. One of the biggest concerns is the division of assets, particularly if you have been married for a long time and have accumulated significant wealth. You may be entitled to a portion of the marital assets, including retirement savings, investments, and property.

If you have not worked outside the home, you may also be entitled to spousal support, which can help you maintain your lifestyle and cover your expenses. The length of the marriage and the contributions each of you made to the marriage will be considered when determining spousal support.

In addition, if you have had any health issues, you may also be entitled to additional support or other benefits. It’s important for you to work with an experienced family law attorney who can help protect your rights and ensure that you receive a fair settlement.

Do I Have to Leave My Home?

In a divorce, both spouses have the right to remain in the marital home. However, if one spouse files for divorce and requests exclusive possession of the marital home, the court may grant this request under certain circumstances. The requesting spouse must provide evidence that staying in the home is in their best interest and the best interest of any children involved, and that the other spouse has an alternative residence.

The court will consider factors such as the financial resources of each spouse and any history of domestic violence or abuse. If exclusive possession is granted, the other spouse will have to move out of the home, but they may be entitled to financial support to help with housing costs. It’s important to work with a knowledgeable family law attorney if you are going through a divorce and have concerns about your living situation.

Approaching Retirement and Having to Work

The idea of a divorce can be particularly frightening when you are the spouse, who is close to retirement and has never worked outside the home during the marriage. Working with an experienced family law attorney is crucial for you in order to preserve your financial interests during the divorce process. A lawyer can aid in arranging a reasonable settlement that considers your retirement needs and can help you understand your rights to spousal support and other financial benefits. You might also want to think about working with a financial expert, who can assist you with retirement planning and make sure you can meet your financial objectives.

Can I Keep My Health Insurance?

In some cases, you may be able to keep your health insurance if your husband files for divorce. This will depend on the specific terms of your health insurance policy. If you are covered under your husband’s employer-sponsored health insurance plan, you may be able to continue coverage through COBRA, which allows you to maintain coverage for a limited period of time after the divorce.

However, you may also need to secure your own health insurance coverage, which can have its complexities. Fortunately, Minnesota has their health insurance marketplace, MNsure, which gives options on purchasing health insurance.

Where Spouses Hide Money and Other Assets

During a divorce, spouses are required to disclose all their assets, debts, and income as part of the divorce proceedings. However, some spouses may attempt to hide assets in order to keep them from being divided in the divorce settlement. Here are some common ways that spouses may hide assets during a divorce:

1. Undervaluing Assets: Spouses may undervalue assets, such as real estate or investments, in order to make them appear less valuable and reduce the amount that will be divided in the divorce settlement.
2. Transferring Assets: Spouses may transfer assets to a family member or friend in an attempt to remove them from the marital estate and keep them from being divided in the divorce settlement.
3. Delaying Bonuses or Commissions: Spouses may try to delay the payment of bonuses or commissions until after the divorce is finalized, in order to keep them from being included in the marital estate.
4. Creating False Debt: Spouses may create false debt by borrowing money from a friend or family member, in order to make it appear that they have fewer assets than they actually do.
5. Using Offshore Accounts: Spouses may use offshore accounts or other financial vehicles to hide assets and income from the divorce court.
6. Overpaying Taxes: Spouses may overpay taxes to hide assets during divorce by making a large payment to the IRS that generates a refund. This refund will not be divided in the divorce settlement. However, overpaying taxes to hide assets is illegal and can result in legal consequences, including having to repay the money.
7. Cryptocurrency: With the increasing popularity of cryptocurrencies, spouses may use digital currencies like Bitcoin to hide assets from their soon-to-be-ex-partner. Cryptocurrencies are decentralized, and transactions are not easily traceable, making it a popular choice for those who want to keep their assets hidden.
8. Business Assets: Spouses who own a business may hide assets within the company. This could include undervaluing the business or creating fake expenses to reduce the profits.
9. Prepaid Debit Cards: Spouses may use prepaid debit cards to hide assets. The cards can be purchased anonymously and used to withdraw cash or make purchases without leaving a paper trail.
10. Safety Deposit Boxes: Spouses may rent a safety deposit box and use it to store cash, jewelry, or other valuable items that they don’t want to be included in the divorce settlement.
11. Loans to Family or Friends: Spouses may make a loan to a family member or friend with the understanding that the money will be repaid after the divorce is final. This is a way to keep the money hidden from the divorce court while still having access to it.

It is important for both spouses to be transparent and honest about their assets, debts, and income during a divorce. If you suspect that your spouse may be hiding assets, it is important to work with an experienced Minnesota family law attorney to uncover any hidden assets and ensure that you receive a fair and equitable settlement.

We often work with forensic accountants to uncover hidden assets. To find these hidden assets during a divorce, forensic accountants implement a variety of investigation tactics, which includes examining financial documents, following money trails, and looking into unusual activities.

What Happens with a Vacation Home?

If you and your spouse own a vacation home and are going through a divorce where your spouse controls the finances, the vacation home may be subject to division as part of the divorce settlement. You may be entitled to a portion of the equity in the vacation home, depending on the specific circumstances of your divorce.

The couple may need to sell the vacation home and divide the proceeds, or one spouse may need to buy out the other spouse’s share. It’s important to work with a knowledgeable family law attorney to ensure that all property division issues are addressed during a divorce.

How Do I Pay for My Divorce?

If you are a spouse considering divorce and your partner is in charge of the finances, you might be anxious about how you will pay for the divorce’s legal fees and other costs. In such cases, you may be eligible to request spousal maintenance, also known as interim financial support, to assist with paying your expenditures while going through the divorce process. As an alternative, you could borrow money from friends or relatives or take out a loan against your home equity line. An experienced family law attorney can assist in exploring all options.

Protective Orders

If your spouse controls the finances, you may be concerned about your ability to protect your assets. In such situations, you may be able to seek a protective order that prevents your spouse from disposing of or transferring any marital assets. This can help ensure that the assets are preserved and can be divided fairly as part of the divorce settlement. A protective order can also provide protection against domestic violence or harassment.

Keeping a Business after Divorce

If you and your spouse share a business and you want to keep your interest in the business during a divorce, there are steps to take to help you accomplish that. You may need to hire a business appraiser to determine the value of the business and how to divide it fairly. It’s important to work with professionals who are experienced in handling complex property division issues in a divorce.

Keeping Personal Property

Your lawyer can aid in arranging a fair settlement that enables you to keep the personal property you want and in assisting you in understanding your legal rights to the personal property. The court could have to step in and make a determination if you and your spouse are unable to agree how to divide your personal belongings. Working with experts who have handled divorce-related property split difficulties is crucial.

How Will Retirement Savings Be Divided?

It is understandable to worry about the division of retirement money in a divorce. Your lawyer can aid in reaching a fair settlement that takes into account your retirement needs and can help you understand your legal rights to any retirement resources that were accumulated during the marriage. You might also want to think about engaging with a financial expert who can assist you with retirement planning and make sure you can meet your financial objectives. Working with experts who have dealt with complicated financial concerns in divorce is important in ensuring you get what you deserve.

One option that can be provided is a qualified domestic relations order (QDRO). A QDRO is a decree that requires a part of a retirement plan be paid to another person. If your spouse has a 401k, pension, and/or IRA, it might be possible to have that divided to help ensure your future financial security.

How Does Spousal Maintenance (Alimony) Work?

Spousal Maintenance, also known as spousal support or alimony, is a payment made from one spouse to another following a divorce. It is intended to provide financial support to the spouse who earns less or has fewer financial resources, and to help them maintain the same standard of living they had during the marriage. The amount and duration of alimony payments are determined by a variety of factors, such as the length of the marriage, each spouse’s income and earning capacity, and their contributions to the marriage.

Alimony can be paid in a lump sum or on an ongoing basis and can be modified or terminated if there is a significant change in either spouse’s financial circumstances. It’s important to note that not all divorces result in an alimony award, and it is typically only ordered in cases where there is a significant income disparity between the spouses.

Auto Insurance and Other Temporary Expenses

If your spouse files for divorce, you may need to make changes to your auto insurance policy. If you have a joint policy, it will need to be divided or terminated as part of the divorce settlement. You may need to secure your own auto insurance policy, or the court may require your spouse to provide you with financial support to maintain your existing coverage. In some cases, you may be able to stay on your spouse’s policy.

When you are left without a source of income or access to joint accounts, covering other temporary expenses can be stressful. It is crucial to consider seeking financial assistance through spousal support, also known as alimony, as well as temporary orders for child support and division of assets. Additionally, you may want to consult with a financial planner or attorney to create a budget and explore other potential sources of income.

Maintaining Your Lifestyle

Working with an experienced family law attorney is imperative if you are worried about maintaining your existing standard of living through a divorce, since they can help make sure that your financial interests are safeguarded. Your lawyer can aid in arranging a reasonable settlement that enables you to continue living your existing lifestyle while also assisting you in understanding your legal rights to spousal support and other financial benefits. In order to create a budget and make plans for your financial future, you might also want to think about consulting with a financial counselor. Working with experts who have dealt with complicated financial concerns in divorce is vital.

Talk to an Attorney

We have worked with countless wives going through divorces. We understand your needs and concerns. It can be a very difficult and anxious time, and we will be with you through it all. We will ensure that your rights are protected, you get a divorce settlement you deserve, and will be safe both now and in the future. Call us for a free consultation at (612) 294-2200.