Gray divorce and its implications on retirement

| Aug 15, 2018 | Uncategorized

The end of your marriage will have a long-reaching impact on various aspects of your life, particularly your financial future. You may have significant concerns about how divorce will affect some of your plans for the future, and these fears can be especially prevalent if you are older. Older couples in Florida and across the country are choosing to divorce later in life.

Many people call this trend gray divorce. This is when a couple near retirement age chooses to end their marriage, often after decades of combined finances and long-term savings efforts. There are often significant assets and wealth at stake, and this can mean a big change in what you had planned for your golden years. While divorce will affect retirement, it is still possible to emerge from this process with a solid financial future intact. 

The next phase of your life and your financial future

Since the 1990’s, the number of gray divorces has grown by more than double. There are many reasons for this trend, and one of the major factors is the fact that there is not as much stigma surrounding divorce as there was in the past. Additionally, people are living longer, and people in unhappy marriages may have the opportunity to find happiness in a new relationship later in life.

However, a divorce between people who are older, approaching retirement and financially secure can be quite complex. Consider the following facts about gray divorce:

  • Women who go through a gray divorce tend to be less financially secure than younger female divorcees.
  • Because of the potential impact on retirement, it is particularly important for older individuals to pursue fair and equitable financial orders in divorce.
  • Gray divorce is more likely among couples with previous marriages and divorces. 

The statistics for gray divorces paint a bleak picture, but with appropriate help and guidance, you can secure a fair order that allows you to have security and stability for your post-work years.

How can you protect yourself?

You may be wondering how to shield your interests in a gray divorce. One of the most important steps is to seek help as early as possible in the process. It is also beneficial to think carefully about the impact of any decision you make, particularly as it pertains to your financial future. With help and guidance, a gray divorce does not have to be devastating to your hopes and dreams for the future.

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