Recent studies show that the divorce rate among adults 50 and older doubled between 1990 to 2010. It is now estimated that 1 in 4 divorces in the United States are in that age group. This phenomena, known as “gray divorce”, can be economically devastating, especially for women whose careers outside the home were secondary to raising their family. However, the implications of divorcing after 50 can effect both husband and wife. That is, the retirement fund that was once intended to support both of them, will now be split “in half” and frequently remain the primary source of monies for the two of them living separately. It is estimated that the cost for two people to live separately following retirement is thirty percent (30%) greater than living together as a couple. They might have many responsibilities including getting their children married, securing their home loan and assets, and even searching for suitable senior living consultants to assist them during retirement.
This means that many people will be forced to choose between either having to delay their retirement, devoting all of their income to savings during their last few years of working or – the hardest – substantially reducing their lifestyle because if they do not have the required financial stability they might not be able to really afford travelling or shifting to assisted living in Lincoln or similar areas.
For a person facing divorce at this time in their life (during their retirement) an attorney experienced in and who fully understands – and will address – these very difficult issues is essential. This frequently must include consulting with a financial advisor to work together in trying to achieve a settlement or court judgment that not only addresses but also maximizes all of the financial issues going forward. Although divorce at this time in your life has the potential to be devastating, these hurdles can be overcome through aggressive and competent representation. Our law firm works on a daily basis with clients who are experiencing divorce at this stage in their life. If you or a loved one are facing such a possibility and need assistance in understanding and navigating that “mind field” ahead, please call us at (636) 797-2601.
