Strategic Divorce? What a Horrible Thought!
If you are at a social gathering of retirees and you are tired of listening to them complain about their aches and pains or about the economy, ask your companions what they think about marriage trends among the young generation, and the conversation is certain to turn lively. People will tell you, from their own disapproving viewpoint, about the marriages or lack thereof among the younger generations of their families. They might tell you about their daughter who has been living with a man they barely tolerate for longer than they can remember. They might kvetch about the amounts of money they shelled out for their daughter’s destination wedding, only for her husband to leave her for another woman before their third anniversary, and now their daughter is engaged to someone new and expects them to pay for another destination wedding. Some of them might complain that their children refuse to consider the prospect of marriage, or even to label their sexual orientation. As the conversation continues, you express gratitude for your own long marriages and recall the hardships you have weathered with your spouses. In this context, the thought of people getting a divorce after a long marriage, simply to prevent their current financial catastrophe from getting worse, is even more disturbing. If things have gotten so bad that you are considering a strategic divorce from your beloved spouse, contact a Dade City estate planning lawyer.
When Creditors Come to Take Everything, Including Your Marriage
A strategic divorce is when couples who are still emotionally committed through their marriage go through a legal divorce because being unmarried would get them greater access to certain benefits and resources. No one even considers doing this unless their situation is already desperate, unless they are facing problems that they do not have the money or physical health to endure.
The most common reason for strategic divorce is the need for Medicaid nursing home benefits. If you are at least 65, Medicare will pay for up to 100 days of nursing home care, but if you need more than that you are on your own. If you need to enter a nursing home before your 65th birthday, you are on your own. The costs of monthly nursing home care can quickly bankrupt a family. The parties may consider a strategic divorce to meet the criteria for Medicaid, After a division of assets, a sick spouse, may then qualify for Medicaid.
Of course, no one would even consider strategic divorce if they had another option, such as long-term care insurance, a hybrid life insurance policy, or enough assets to pay for several years of nursing home care.
Contact a Florida Estate Planning Attorney About Alternatives to Strategic Divorce
An estate planning attorney can help you avoid Medicaid asset recovery, preferably without dissolving your lifelong marriage. Contact The Law Office of Laurie R. Chane in Dade City, Florida to discuss your case.
Source:
msn.com/en-us/money/other/four-reasons-to-consider-a-strategic-divorce/ar-AA1t5c7s?ocid=msedgntp&pc=ACTS&cvid=a851560a9629418cbd3350fcdaf25fb3&ei=53
