In recent decades, the face of divorce has gotten older. According to Reuters, there has been a significant increase in “gray divorce,” or divorce among people over 50. While custody issues and child support are not typically part of the equation, issues involving alimony, distribution of property, and retirement funds require the expertise of an experienced family law attorney.
Alimony Issues. When the court orders alimony, one spouse continues his/her financial obligation to the other spouse, after the marriage dissolves. A stay-at-home spouse will require income in order to continue to live independently. In the case of baby boomers, the amount of alimony may be affected by retirement, which generally reduces the amount of available income. A family law attorney understands how to effectively navigate the difficult subject of having to help support a former spouse into the elder years.
Distribution of Property. Baby Boomers need to protect their property interests, in order to sustain them throughout their lives. Because mature couples have, in many cases, spent a lifetime amassing assets, it is in their best interest to work with a family law attorney to determine how to distribute marital property. Maryland is an equitable distribution state, which means that assets are not necessarily divided equally. You will need to consider a number of factors before determining an equitable property settlement agreement.
Retirement Funds. Divorce can negatively affect retirement lifestyles for aging couples. Once people have retired, the income stream generally becomes fixed. The ability to earn more retirement has ceased. With senior divorces, the pool of available funds is often finite and irreplaceable.
If you are an older couple planning a divorce in Maryland, consider Linda Sorg Ostovitz as a family law leader. I offer experienced mediation and divorce litigation for the best possible outcomes. Contact me for a consultation at firstname.lastname@example.org or telephone (301) 575-0381.
ABOUT LINDA SORG OSTOVITZ
Linda Sorg Ostovitz is a family law attorney. Her legal experience spans more than 34 years. In this time, she has served as a leader, educator and advocate. Mrs. Ostovitz holds a prestigious fellowship in the American Academy of Matrimonial Lawyers. Currently, she serves as President for the Business Women’s Network of Howard County, by which she was chosen Woman of Distinction for 2014. Mrs. Ostovitz represents clients in Howard, Anne Arundel, Carroll and Baltimore Counties. Her practice focuses exclusively on divorce litigation and mediation, child custody and access, child support, alimony, business valuation, as well as property and asset distribution. In addition to providing legal representation in court, Mrs. Ostovitz provides mediation services to help families come to a fair and legally-sound conclusion outside of the traditional court proceedings.
ABOUT OFFIT KURMAN
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