Getting divorced later in life has its own set of unique challenges. There is a lot at stake, such as your emotional well-being, children, assets and liabilities you have accumulated over the years. If you are getting a divorce in Indiana close to or after retirement, here are the important issues you should know.
Legal grounds for gray divorce in Indiana
You don’t need to prove fault in Indiana to get a divorce. This is because Indiana is a no-fault state, and the court doesn’t care if your spouse committed adultery or was cruel to you. However, the court considers the following reasons as some of the grounds to dissolve a marriage:
- Mental incapacity for at least two years
- Impotence at the time of marriage
- Felony conviction
- Irreconcilable differences
Special considerations in a gray divorce
Family – If you have children and grandchildren, your divorce will also impact them. Even if your children are older, be forthright with them and have a conversation about your divorce. Be honest and sympathetic, and don’t defame the other parent before your children.
- Health insurance – When your partner serves you with a divorce petition, the order automatically puts a restraint on the terms of your insurance coverage. However, once you finalize your divorce, this order ceases, and if the policy was tied to the other spouse, you could lose coverage. Confirm with the help of your attorney if your spouse has a government plan because you might still be able to remain dependent on that insurance coverage.
- Assets – After so many years of marriage, your lives get intertwined together, and you will likely need a thorough assessment of your finances before splitting your marital assets. Indiana is an equitable state, so the court will divide what you have in a way that is fair or just while not necessarily being a 50-50 split. Therefore, take inventory of all your assets with the help of your attorney and determine what’s rightfully yours.
- Retirement accounts – Your retirement accounts are some of the most valuable assets that people in gray divorces own. If you had a joint account as a couple, you may need to create your own retirement account during the divorce and be wary to avoid heavy taxation. Determine which parts of the retirement accounts are marital and separate to make the split easier and faster.
Divorcing at an older age might take longer because there are more assets to divide. Going through the process in as amicable a manner as possible may help protect your financial future and preserve relationships with your family members.
