| The Al and Tipper Gore split has many Baby | | | | spouse's record without a reduction in benefits to |
| Boomers examining their own marriages and even | | | | your former spouse. |
| more thinking, "how can this happen?" | | | | If your former spouse dies, you may be entitled |
| But happen it does, and the reasons are as | | | | to survivor benefits - 100 percent of your former |
| individual as the couples themselves. As a Phoenix | | | | spouse's Social Security benefit. To qualify, your |
| divorce lawyer, I see more than my share of | | | | marriage must have lasted 10 years, you must |
| Boomers who may have moved to Arizona to | | | | be at least 60, and you cannot already be entitled |
| enjoy the wonderful weather, only to discover | | | | to benefits that are equal to or greater than |
| they no longer enjoy each other. | | | | those of your former spouse. |
| Apart from the emotional side of a divorce, an | | | | In our Phoenix family law practice, we've found |
| older couple must also examine several issues | | | | that deciding who gets the house also takes on |
| that impact them simply because of where they | | | | greater significance when you are older. If you |
| are in life. The major income generating years are | | | | own a home with lots of equity, it could be used |
| usually behind them, so careful attention must be | | | | for a reverse mortgage when you reach age 62. |
| paid to the valuation and division of assets, | | | | Reverse mortgages are popular vehicles for older |
| including the primary residence, retirement | | | | Americans to generate income. |
| accounts, investment portfolios and so on. | | | | Eligibility for tax benefits, exemptions and waivers |
| If a divorcing couple is retired, the division of | | | | also come into play when you're older. |
| retirement assets can be complex. You may need | | | | If you are not yet 65 and don't qualify for |
| to get a Qualified Domestic Relations Order | | | | Medicare, obtaining individual health insurance will |
| (QDRO), which is a separate court order that | | | | likely be another issue you will face. If you are |
| covers the division of retirement benefits. | | | | covered under your spouse's employer-provided |
| Decisions to be made also include: | | | | insurance, COBRA laws allow you to stay covered |
| Whether one spouse can receive survivor | | | | for up to 36 months following a divorce. |
| benefits if the other spouse dies | | | | However, you will be responsible for paying those |
| When each spouse can receive benefits and | | | | premiums. |
| how to avoid tax penalties | | | | Some national organizations offer individual health |
| The entitlement to retirement plan | | | | insurance coverage for members, and that may |
| contribution made following the divorce | | | | be a good place to start if you need to look for |
| If any loans have been taken out against a | | | | new individual coverage. |
| retirement plan, how that should be repaid before | | | | A good Phoenix divorce lawyer will be able to |
| assets are divided | | | | consult with you on all of these issues and more |
| Social Security benefits cannot be divided in a | | | | that face those who divorce in later life. Most of |
| divorce, but there are rules about them that will | | | | us take pride in being able to help couples of any |
| impact post-divorce income and standard of living. | | | | age face a divorce with dignity and grace, in |
| For example, if you are over the age of 62 and | | | | respect to all those years you shared a life |
| the marriage lasted more than 10 years, you can | | | | together. |
| collect benefits after the divorce on your former | | | | |