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
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.