Concealing Marital Assets Can Cause Problems Well Beyond the Divorce Case
Gray divorce, in which the parties are above the age of 50, is becoming increasingly prevalent. In the early days of no-fault divorce, many divorces took place among couples who realized rather quickly that they were not cut out for marriage, but the ones who made it past the ten-year mark were in it for the long haul. If there is anything simple about getting divorced late in life, it is that your children are already grown up, so you do not have to deal with parenting plans and co-parenting. Everything else is complicated. If you got married in your 20s and are getting divorced now that you are old enough to retire, almost all of your property is marital, and you are not young enough to cut your losses and make a new start financially. Therefore, it is essential that you find out about all of the property your spouse has acquired during the marriage, so that you can get your fair share of it, because it is marital property. If you are getting divorced after decades of your spouse not being forthcoming about finances, contact a Boca Raton divorce lawyer.
Sisters Feud Over Deceased Parents’ Lack of Transparency About Finances in Their Divorce Case
Everyone in South Florida knows the tawdry tale of Burt and Lucille “Lovey” Handelsman, after 68 years of raising a family and building a real estate empire, saw their marriage disintegrate into a highly publicized divorce case that eventually drew other family members into the conflict. Theirs was not the only marriage in South Florida that lasted more than half a century before tearing an entire family apart.
A Palm Beach County couple divorced in 2009 after 57 years of marriage. Their marital settlement agreement (MSA) listed the value of their marital property at $13.2 million. After the parties signed the MSA, the wife and other family members suspected that the husband had not disclosed all of his assets during the divorce case; they alleged that he had at least $2 million more that should have counted as marital property and been divided in the divorce.
The former husband died about a year after the divorce became final, and one of the couple’s daughters challenged his will. The former wife testified during the probate case and acknowledged that the husband had not disclosed all of his assets during the divorce case. When the former wife died in 2014, another one of the couple’s daughters challenged the parents’ MSA during the probate of the former wife’s estate.
If you get divorced late in life, everyone will tell you to update your estate plan. This is good advice, but you should also take the time to sort out all of your financial issues before you finalize your divorce.
Contact Schwartz | White About Divorce After Your Golden Anniversary
A South Florida family law attorney can help you if you are getting divorced after more than half a century of marriage. Contact Schwartz | White in Boca Raton, Florida about your case.