ALTCS and Divorce

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Is Divorce an Option When Trying to Preserve Assets?

The short answer is YES. If decreasing the “martial” assets at or below the $119,220 would cause a significant financial loss to one or both spouses, a divorce is certainly an option to keep the assets. For example, a couple that marries later in life and one spouse has enters the marriage with a considerable amount assets that they wish to keep sole and separate. Since ALTCS does not abide by “sole and separate,” all marital assets are counted.

Depending upon the stipulations of the divorce, the well spouse could leave the marriage with all or most of the assets, leaving the non-well spouse with 2000 or less. Is legal separation an option? ALTCS says that you are either married or single so a legal separation is not recognized by ALTCS. In this particular case, one spouse would need to initial the divorce proceedings. One month after the divorce decree is signed; ALTCS views the applicant as a single person and eligibility rules will apply as a single person.

When looking at all the financial planning options for ALTCS benefits, we find that divorce is usually one of the last options considered.

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