Over the past several years, there has been an increasing trend of divorces among couples over the age of 50, many of whom have been married several years. This trend may be attributable, at least in part, to individuals living longer, less societal stigma associated with divorce, and a simple unwillingness to remain in an unhappy marriage. While every divorce involves different issues, so-called “gray divorces” raise some special concerns that are unique to older individuals.
First, when a “gray divorce” occurs, the individuals are closer to retirement than many divorcing couples. Divorce can have a significant impact on an individual’s finances, especially when one spouse has been out of the workforce for an extended period or has few job-related skills. From this perspective, an older individual who divorces may find himself or herself having a more difficult time recovering from the financial fallout of the divorce. This can cause one or both spouses to have to work well beyond their anticipated retirement age and live a much different lifestyle. If you find yourself in this situation, you will need to carefully consider your financial situation and determine whether you need continuing support from your spouse or additional assets to adequately support yourself.
Legal fees, negative tax consequences, and early withdrawal penalties on retirement accounts all can negatively impact the existing marital assets, which result is not beneficial to either spouse. Maintaining the bills and taxes on the marital home may no longer be a possibility for either spouse; the fact is that when one household splits into two separate households, there is simply not as much money to go around. Since the parties have been married for a longer period of time, they are more likely to have accrued assets that then must be divided in the divorce. This can lead to lengthy and contested divorce proceedings, additional attorney’s fees, and serious tax consequences.
“Gray divorce” raises a number of issues and concerns that are not as likely to be present during divorces involving younger spouses. If you are in this situation, you need to be aware of these issues. At Argentino Family Law & Child Advocacy, LLC, we understand that every case is unique, so we pride ourselves in crafting an individual approach for every family whose interests we represent. Our family law attorneys are skilled in handling family law, divorce, and other cases involving children. Contact our experienced team of attorneys today so that we can assess your case, answer your questions, and present the options that are available to you. We will provide you with the information that you need to make the best decisions for you and your family.