Miller & Associates, Attorneys LLP
  • Best Of the Best 2014 - By the Readers of The Placer Herald
  • Best Of the Best 2015 - By the Readers of The Placer Herald
  • Placer Herald | Best Of the Best 2016 - Rocklin
  • By the readers of the Placer Herald | 2017 Best Of the Best

FAMILY LAW ATTORNEYS

ROCKLIN: 916-780-0848 FOLSOM: 916-365-4941
Free ½ Hour Consultations

Main Navigation

Focused on reducing the emotional and financial toll to your family.

Offering divorce and family law options to fit
your needs, and focused on reducing the emotional
and financial toll to your family.

Financial tips for divorcing couples in California

"Gray divorce" is a term used to describe senior couples who are separating. Since the 1990s, the divorce rate for those aged 65 and over has roughly doubled. Older Americans facing divorce may have more assets to split, including 401(k) plans and IRAs. The American Academy of Matrimonial Lawyers reports that after spousal support, disputes over retirement monies come in second on the list of issues divorcing couples argue about.

Federal law supports couples agreeing to split employer-based retirement plan monies by allowing them to get a qualified domestic relations order (QDRO). The order comes about as a court ruling that lays down exactly how workplace retirement funds will be split. A QDRO is not necessary to divide IRA accounts. While taxes will be assessed on dispersed retirement funds, rolling funds over into an IRA will put off the associated tax bill until the money is withdrawn.

Note that tax laws regarding alimony will change beginning on Jan. 1, 2019. Starting next year, the recipient of alimony will no longer be taxed on that money just like those who currently receive child support. However, the person paying spousal support will no longer receive a deduction for the payments.

The high-asset divorce processes may also include making decisions about a marital home. It is important to know that tax laws for homeowners have changed as well. If one spouse plans to keep the house, they need to consider whether it is an affordable option.

Divorcing couples also have to consider several other details, such as health care matters and tangible property division. An attorney who specializes in family law may help by providing guidance throughout the process.

No Comments

Leave a comment
Comment Information
Contra Costa County | Bar Association The State Bar of California Placer County Bar Association Collaborative practice california IACP Certified Family Law Mediator
Miller & Associates, Attorneys LLP
Miller & Associates, Attorneys LLP
6542 Lonetree Boulevard
Rocklin, CA 95765

Phone: 916-780-0848 
Fax: 916-780-0787
Miller & Associates, Attorneys LLP
2280 E. Bidwell Street, Suite 204
Folsom, CA 95630

Phone: 916-365-4941 
Fax: 916-780-0787

Follow Us On

Facebook Twitter
Yelp

Our Office Directions

Rocklin Law Office Map Folsom Law Office Map

Privacy Policy | Business Development Solutions by FindLaw, part of Thomson Reuters.