The Impact of a Gray Divorce
On behalf of The Law Offices of Cindy D. Sackrin posted in Divorce on Thursday, August 4, 2016.
From 1990 to 2010, the number of gray divorces in the United States has doubled. A 2001 survey revealed 41 percent of men 50 to 59 are divorced and 39 percent of women in the same age group are divorced. Gray divorces are considered divorces over the age of 50 and can have a significant impact on the finances of the divorcing couple. Gray divorces are considered more financially complex than some other types of divorces.
In addition, unlike gray divorces, when younger couples divorce, they have more time and opportunity to financially recover the divorce which involves the division of property and assets and moving to maintaining two households instead of one. Gray divorces can also have a significant impact on retirement. Women may be in a particularly difficult position because many may have remained out of the work house to raise children and care for the family.
Because of what may be on the line in a gray divorce, it is important to strategically approach, and protect, interests during the divorce process. The divorce process includes a variety of important considerations ranging from property division to spousal support, child support and child custody in circumstances when children remain in the home. It is also important to take into account the impact of divorce on retirement and other important concerns such as insurance policies.
Divorce can be a challenging process at any age which is why it is helpful to know how to approach each of the important divorce-related issues that come up during the divorce process and to be prepared in advance to address them. Having proper knowledge and guidance throughout the divorce process can be invaluable when negotiations impacting the future of the couple are resolved.
Source: Invest Daily News, "Gray Divorces Quietly Double Between 1990 and 2010," Jacob Maslow, July 16, 2016