Unique Concerns When Ending Long-Term Marriages
Ending a long-term marriage can be a complicated undertaking. Your children may be grown, but often your financial situation is complex. One spouse may have left the workforce years ago and a financial balance or spousal support may need to be addressed. We have outlined some of the unique issues involved in ending long-term marriages.
Complex Financial Issues
The financial issues involved in a long-term marriage are complex. Multiple retirement accounts, stock and stock options, spousal support, homestead or vacation property value — all need to be addressed in a divorce.
If one spouse has been out of the workforce for a significant period of time then spousal support will be a major issue for both parties. In determining spousal support, we consider many factors including:
- Ability of one spouse to pay
- Need of the receiving spouse
- Length of the marriage
- Reason for the spouse not working
- Expenses of both parties
- Standard of living
- Rehabilitative employment period for the receiving spouse
These are just some components of the evaluation, among many other considerations usually considered in resolving divorce issues.
In addition, the use of experts to value and evaluate stock options, retirement plans, real property value, and any other source of current or future income is critically important to protect both parties for their future part. These issues are complicated and require the careful consideration of an attorney and other financial professionals.
Estate Planning Complications
Often a long-term marriage has involved significant estate planning considerations to prepare for retirement and to preserve wealth for future generations. However, parties contemplating divorce need to consider that the estate plan now need to be reconsidered.
There is a tremendous amount of crossover between estate planning and family law when a long-term marriage is ending. We can work with your estate planning lawyer to make sure we address any family law issues accordingly.