By: Mark Lewis
Grey divorce has seen a significant uptick in the United States recently. The rate among adults aged 50 and older had surged upwards from the latter part of the 20th century when 8.7% of all divorces in the United States occurred among adults 50 and older. By 2019, that percentage had grown to 36%
With older adults and baby boomers, there is likely to be a significant bifurcation of assets, including property, stocks and accumulated material wealth, as well as the consideration of inheritance and trusts that may have been created, especially with those couples with children.
Top divorce attorney Ken Jewell of Jewell Law, PLLC, a leading firm in New York has considerable experience with this this age group and has some sage advice for those navigating this challenging period.
According to Jewell, “Prenups and postnups govern during marriage as well as in the event of divorce. Thus, even if a couple over 50 doesn’t enter into a prenup before they marry, they can enter into a Postnup and agree on how to pay expenses, decide what assets are marital or owned by one side or the other, waive the right of election they are otherwise entitled to and spousal support.”
What about the offspring? “Children are not disinherited by virtue of a marriage. What happens is that upon marriage and without an antenuptial agreement, each spouse has a right (in many states) to a 1/3 share of the other’s estate in the event of his or her death, notwithstanding what the decedent’s will provides. As noted in the previous paragraph, spouses can waive the 1/3 elective share rule in an antenuptial agreement, and then the decedents will govern.
Second and third marriages may be in the cards for divorced spouses, so it is prudent to consider what happens to those benefits accrued over a lifetime of work. Jewell says,” Regarding Social Security benefits, we need to break this down because there are exceptions. If a widower remarries before age 60, he or she will lose the SS benefits. If he or she is over 60, there is no loss in benefits. Generally, however, if there is a remarriage of a divorced person, the benefits they were receiving from their former spouse will stop.”
One of the most important pieces of advice Jewell gives clients is to COMMUNICATE before entering into a new marital contract where children and assets are involved. “The issues I mostly see with couples remarrying is that they do not fully discuss the expectations on how marital expenses are paid, how earnings are treated, if there are minor children of one or both parties, how those minor children will be cared for and expenses paid, whether and how much of his or her estate either party wants to leave to children and how much, if anything, he or she wants to leave to their new spouse. Depending upon the size of either spouse’s estate, there is also the question of whether a party with significant assets wants to place some or all of those assets into a trust.”
Love and marriage the second or third time around maybe even sweeter when one is a little older and wiser.
Disclaimer: The content in this article is provided for general knowledge. It does not constitute legal advice, and readers should seek advice from qualified legal professionals regarding particular cases or situations.
Published by: Holy Minoza
