PaperCity Magazine

PaperCity Dallas September 2022

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PAPERCITY ADVERTORIAL P eople over 50 are experiencing the largest spike in divorce rates. Known as "Gray Divorce" because of the p r e s u m e d h a i r c o l o r, divorcing after 50 has more than doubled since the 1990s. Why this trend? And, after spending multiple decades together, what are the culprits of this massive life shift? The stigma surrounding divorce is now a thing of the past. People are living longer than ever and understand that it's not too late to make a change if they are unhappy in their marriage. The thought of "putting up with" someone for 30-plus years is now undesirable and outdated. We see it happening with celebrities, such as Melinda and Bill Gates, who divorced after 27 years of marriage. Jeff Bezos and MacKenzie Scott lasted 25 years. Ozzy and Sharon Osbourne called it quits after three decades together. But it's not just for the famous; we also see it in our own backyard, with our friends and family. With kids off to college and beyond, some empty nesters are realizing they may not have as much in common as they once did. Couples are taking a hard look at what they want out of life and taking the steps to seize that. Regardless of the reason behind the divorce, this particular age group has a unique set of legal and emotional issues to consider. At this stage in life, while custody battles may be less common, there are other complicated legal and financial issues to contend with in long-term marriages. For example, couples divorcing after 50 often have accumulated significant wealth, have built businesses over the course of their careers, and may be close to retirement. Carla Calabrese and Lee Budner, partners at the family law firm Calabrese Budner, are well-versed in the challenges of divorce, including Gray Divorce. "When it comes to the unique and delicate legal issues inherent in divorcing later in life, we are skilled in developing strategies to protect our clients' interests," Calabrese says. "We navigate the practical considerations for our over-50 clients every single day. Here Calabrese Budner identifies some of the must-ask questions for those entering into the territory of the so-called Gray Divorce. How will our assets be divided? How are they valued? Whether its real estate assets, retirement accounts, oil-and-gas interests, debt, or tax consequences, it's easy for people to feel overwhelmed by the central question of how assets will be divided. Calabrese Budner has guided clients through the most complicated property cases and asset valuations. "Clients over 50 with varied assets need counsel who can work through issues unique to the division of a complicated estate, ensuring that no stone is left unturned," Budner says. How does my spouse's business play into a divorce? While each case is unique, unless a spouse's business is separate property owned prior to marriage, a spouse is likely entitled to share in the value of the other spouse's business upon divorce. Questions to ask: How do you place a value on that business or practice, and who gets to decide the value? Calabrese Budner helps clients navigate these incredibly important questions when approaching a divorce. IS ON THE RISE CALABRESE BUDNER HELPS YOU NAVIGATE THE GRAY DIVORCE 50 DIVORCE AFTER 202

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