If you and your spouse are over the age of 50 and considering a divorce, you might think this is a rare occurrence, but divorce rates have actually increased significantly among this age group, earning it the term “gray divorce.” While divorce is difficult no matter what age group you fall into, gray divorce comes with its own unique obstacles, given that both spouses are out of their prime income-earning years. With retirement on the horizon, this presents different financial concerns compared to those faced by younger couples. Read on to learn more about gray divorces.
A Different Challenge
Couples over 50 will face particularly different financial challenges in a divorce and, therefore, they should plan the division of assets very carefully to protect their futures. Here are some of the issues you might face:
- Retirement: Divorcing closer to your retirement age will likely result in you having to revisit any plans you might have had in place. You might end up having to delay retirement, increase retirement savings, or retire with a different lifestyle. In a worst-case scenario, you might even be forced to consider getting additional training to obtain more gainful employment.
- Spousal Support: If you end up having to make spousal support payments, this might require rejoining the workforce if you are already retired and can have a considerable income on the plans you once had for your future.
- Division of Property: When it comes to the issue of property division, how close each spouse is to retirement will play a role in how such assets are to be divided, in addition to the duration of the marriage, the health of each spouse, and more.
- The Long-Term: In addition to carefully dividing all assets and property, you should also update your estate plan and ensure your former spouse is no longer listed as a beneficiary. It is not enough to simply change your will.
Divorcing at any age is difficult, but if you are over 50, this could alter the course of your future, so it is imperative to seek the legal assistance of a skilled and experienced divorce attorney to avoid making any costly mistakes.
Experienced Divorce Attorney in Bowling Green
Divorce is not an easy experience to endure, even in the most amicable situations. To end your marriage in the least painful way possible, contact a Bowling Green family law attorney at the Law Office of Pamela C. Bratcher today. We are committed to providing aggressive and compassionate legal representation to our clients.
Call our office today at (270) 977-8910 to schedule a free case evaluation with a knowledgeable member of our team.