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A divorce is a highly stressful and emotionally fraught time for spouses of any age, but for those over age 50—especially those in long-term marriages—the process is especially difficult. In a process sometimes called a “gray divorce,” divorce at an older age is not only emotionally complex, but it’s also often a more difficult legal process, requiring the division of marital property and debts between spouses who have accumulated decades of assets.
Many older Americans are surprised to learn that divorcing at an older age is no longer uncommon. While divorce rates have dropped in those under the age of 45, divorce numbers have increased for those over age 45 and are skyrocketing among baby boomers, or those aged 65 and older. Reduced divorce stigma, growing financial independence for women, and increased instances of second marriages may be responsible for this increase. With the decreased stigma of today’s divorces, older spouses no longer feel that they must remain in unhappy or unfulfilling marriages.
Gray divorces typically do not require custody cases since the children of older spouses are usually adults. Older divorcing spouses do not have to deal with this aspect of divorce; however, separating finances later in life after decades of accumulation often becomes contentious.
Colorado’s equitable distribution of assets law compels divorcing spouses to divide their marital assets in a way that’s fair and equitable if not exactly 50/50. They may reach a settlement agreement on their asset division together with their attorneys and file for an uncontested divorce, or they may take their disputes before a judge for the judge to decide and issue binding orders.
In Colorado, divorcing spouses may retain their separate assets, including any property, possessions, businesses, and accounts belonging solely to them before the marriage, inherited by them during the marriage, or gifted to them during the marriage. On the other hand, marital assets that are subject to equal distribution include the following:
Dividing marital property after a long-term marriage becomes complex due to the co-mingling of assets that commonly occurs. For instance, one spouse may have a claim on the increased value of the other’s separate property if they spent time, money, or talent improving the asset, or if one spouse allows the other access to their separate account.
It often requires experienced financial forensics to fairly divide marital assets in a gray divorce.
Spousal maintenance isn’t automatically awarded in every Colorado divorce, but it may be appropriate in some circumstances—particularly in gray divorces. A judge may award spousal maintenance paid from a higher-earning spouse to a lower-earning or non-earning spouse under circumstances such as the following:
In most cases, spousal maintenance orders are for a specific period until the receiving spouse can become self-sufficient unless one spouse is unable to become self-supporting, according to our Denver gray divorce attorneys.
Seniors in Denver who are facing divorce often have decades of complex legal assets to untangle, including retirement accounts and real estate property. Call the Denver divorce lawyers at Ciancio Ciancio Brown, P.C. today so we can begin defending your rights and best interests under Colorado divorce law. Let us guide you through the legal process so you can focus on navigating the emotional aspects of your divorce.
