While the overall divorce rate has plateaued over the past few years, married couples aged 50 and older are increasingly heading to divorce court.
Social scientists and theoreticians state many reasons for the escalation, suggesting that longer life spans mean longer marriages that modern-day men and women just aren’t constitutionally suited for, or that women’s greater independence and ability to earn their own income gives them options instead of staying in an unsatisfying marriage after the children are grown and out of the house.
Whatever the factors are, the incidence of marriage breakdown among this age group is rising so fast it is referred by some people as the gray or silver divorce. Obtaining a divorce and dividing all of the property acquired as a couple is challenging enough at any age, but for older spouses, even those with high net worth, reducing up to half or more of your assets can be especially devastating. There is less time to rebuild their savings, pension, and investments as they face the perils of aging.
Modifiable Maintenance (Alimony)
Sometimes in a long duration marriage the court may award one of the spouses maintenance (alimony) that is modifiable in the future. Maintenance (alimony) is court-ordered payments from one spouse to the other spouse, for the other spouse’s support.
Generally maintenance (alimony) may be taxed as income to the receiving spouse and tax-deductible by the paying spouse. Sometimes with a high net worth couple, the receiving spouse may be better off negotiating for a larger settlement share of the paying spouse’s pension, retirement accounts and other assets such as real property and collectibles like art, jewelry, and coins. Unlike maintenance (alimony), these other assets, which may be considered as marital property, may not be subject to income tax under the federal IRS code.
Contact A St. Louis High Net Worth Divorce Attorney
With more than 30 years of experience, The Galmiche Law Firm, P.C. can answer your questions and advise you on all elements of a divorce, including maintenance (alimony). Call (636) 532-2300 today and speak with a St. Louis divorce attorney. The Galmiche Law Firm, P.C. serves St. Louis County, St. Charles County, St. Louis City, Lincoln County, Jefferson County, Franklin County and surrounding areas of Missouri.