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Divorce After 50

Divorce After 50

Posted By The Meyers Law Group, P.C. || 18-May-2017

In the last few years, more and more couples over 50 are getting divorced. People have begun to refer to it as “gray divorce,” particularly for marriages that are long-lasting. It was documented in the United States as early as the 1980s, but it wasn’t really in the public limelight until 2004, when the AARP released a study on the subject.

What makes gray divorce it so different from typical divorces is usually the aftermath. While older couples can bounce back from a divorce just as well, if not better, than younger adults, they have a harder time recovering financially. Divorce usually involves equitable division of property, which means even retirement accounts are divided between the couple in as fair a way as possible. Financially, this could leave an older couple in the lurch if they expected to both live off of their mutual retirement account later in life.

People who are 50 and older not only have to make up for this new deficit in their financial planning, they must do so while either retired or put off retirement to make up for the loss. Retired people often have a difficult time going back to work. While age discrimination is federally banned, people are often not interested in hiring someone who is older than them, likely to retire in the next few years, or slower than younger employees.

If you’re a person over 50 and thinking about divorce, make sure you budget well beforehand. Not only do you need to save for the legal proceedings, but you should account for rent if you move out, paying the entire mortgage on your own if you keep the house, and any taxes you may pay on asset division. For more information about gray divorce, or to get your case started, contact us at {F:P:Site:Phone}. Our Long Island divorce attorneys are dedicated to helping clients achieve their goals as quickly and smoothly as possible. Trust The Meyers Law Group, P.C. to help you handle all types of divorce proceedings, from negotiations to litigation. We look forward to hearing from you.

Categories: Divorce