It is no secret that divorce is on the rise for people over the age of 50. As America’s population continues to age the upward divorce trend shows no indications of slowing down. Divorcing after many years presents many issues that younger couples do not have to face. Spending decades together building a life together can be complicated to untangle.
Washington is a community property state, and the money that is earned during the course of the relationship is characterized as part of the community. This means that the money earned is considered the property of both spouses. Furthermore, this extends to pension accounts and retirement accounts.
The accounts will be split between both spouses in the event of a divorce. Typically the court will try to divide the assets evenly; however, this does not mean that both sides will receive the exact same share. The court looks at the position of both parties and does what is just, given the entire circumstance. Dividing up the savings that has been accumulated for years prevents many older couples from pulling the plug on their marriage.
One of the most important assets that a couple shares together is their home. After many years of marriage the house can have thousands of dollars in equity built up, or perhaps it is entirely paid off. This then becomes a very important asset to both spouses.
As we stated above in a community property state such as Washington, the court looks divide property evenly. In a situation where one spouse chooses to keep the home this can amount to hundreds of thousands of dollars. If this is so, then other assets such as retirement, pensions, spousal support, and other household valuables may have to be reallocated in order for everything to balance out.
There are many other considerations that go into a divorce after many years such as alimony payments, and even perhaps family pets. The team at Humphrey & Associates understands these complexities and has achieved much success as a Bellevue divorce attorney. We specialize in splitting property in a way that is just and equitable takes time and consideration to do properly.