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Common Mistakes Made in Gray Divorces

While divorce rates for the general population have been on the decline for some time now, divorce rates for people age 50 or older have been skyrocketing. Often referred to as “gray divorce,” these divorces between older couples have some special considerations due the demographics of those involved.

With these divorces becoming more common, it is important for older divorcing couples to be aware of some of the most common mistakes made in gray divorces. Here are just a few examples.

  • Trying too hard to hold on to the home: Don’t make decisions about your family home based on nostalgia and comfort. You need to consider whether you are truly financially capable of taking on the home by yourself. If you’ve already paid off your mortgage it might be more feasible, but you should still consider upkeep, property taxes and repairs.
  • Not understanding your financial picture: How much money do you still owe in debts? What is the total value of your assets? What does your investment and retirement portfolio look like? It’s common for one spouse to be much more involved in these areas than the other, so if you have not kept up with this information it’s crucial you get caught up so you can negotiate fair terms of your divorce.
  • Issues with retirement accounts: If you fund a new IRA with your share of your ex’s retirement account and then take withdrawals before age 59-1/2, you’ll still be required to pay the 10 percent early withdrawal. Make sure to get professional advice about how to handle retirement accounts during your divorce.
  • Supporting adult children: It’s understandable to want to help your kids, but after a divorce at an advanced age you’ll need to make sure you have enough money to retire first and foremost.

For more information about some of the common mistakes and challenges associated with gray divorces, contact an experienced Minnesota divorce lawyer at Appelhof, Pfeifer & Hart, P.A.

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  • "Tori had a thorough understanding of my situation and made excellent recommendations to resolve my concerns. She was persistent on communication and handled everything in a very timely manner. I would definitely hire her again in the future if needed." - M.K.

  • "With Appelhof, Pfeifer & Hart, P.A., it is like having a family physician. They are all knowledgeable, thorough, comforting, and the only call I need to make for all my legal needs for many years to come. No matter what the matter, I totally trust their advice and commitment to me and my family." - J.N.

  • "Mary from APH Law helped me thru a difficult divorce. She and the entire staff was there for me every step of the way helping me on what to do next. They listened to what I wanted and helped me achieve what matter the most to me in the divorce settlement." - Dana C.

  • "I chose APH after my initial consultation with Mary. I felt my best interest would be represented. The entire process went excellent, the attorneys and staff communicated effectively and efficiently with me throughout the process as they needed to. Being new to the legal process and verbiage, they walked me and talked me through the next steps and the jargon, I felt completely comfortable and represented. I hope I never have to use legal services again but if I do I will call Mary at APH Law and know that I will be taken care of." - Jeff M.

  • "Divorce is a time of emotion and stress. Mary Pfeifer , My lawyer was professional and compassionate. She was very informative through the process. Her insight helped me in my decisions. She worked hard to obtain a settlement which was fair to both parties. Though, I hope I won't need her help again. It is reassuring to know a good person that is willing to help." - Rod S.

  • "I first came to Ms. Jacquelyn Lutz of Appelhof, Pfeifer and Hart in October of 2016. It was definitely the worst time in my life and she compassionately spoke with me about my options. Ms. Lutz thoroughly explained the laws, statutes, process and what to expect going forward. What was supposed to be one case, turned into three intricate cases that took a huge toll on me and my family. Ms. Lutz represented me in court on all three cases with a vast knowledge of the laws and how to proceed accordingly. During all three cases she kept me informed, calm, gave me resources to utilize, and (most important) gave me a realistic view of what may come next. Ms. Lutz knew each case required a great deal of knowledge and creative thinking on how to legally proceed forward with each case. My family and friends are forever grateful for the amazing representation by Ms. Lutz. I highly recommend Ms. Lutz for anyone needing or considering superb representation for any kind of family law. " - M.H.

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