Grey Divorce: Will you still need me when I’m 64?

Gray Divorce.jpgAny divorce is fraught with pitfalls but divorces when the parties are older have some which warrant attention.

Beneficiaries of life insurance and retirement assets needs to be changed upon a divorce, to the extent permitted by any agreement or decree. Wills and trusts in effect need to be revoked and then rewritten as well as any powers of attorney. There is an interplay between Medicaid and divorce which needs to be discussed including that married couples generally cannot exceed $2000 in non exempt assets in most cases.

All in all, any individual going through a divorce should consult with an attorney, but for senior citizens, the need to have experienced counsel is made all the more important because of the complex life decisions which they face sooner rather than later.

Ronald G. Lieberman, Esquire

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