The number of elderly couples going through what is called a ‘gray divorce’ is on an upswing. Though the latest statistics show that the overall divorce rate in the U.S. has been dropping, the number of couples getting divorced at 50 years or older has doubled. For many people, the rise of a later-in-life divorce is no longer a decision that always raises eyebrows.
The process, however, can be costly at some point. This is the reason older couples should have some financial aspects to consider. As an article in Forbes.com points out, “As you might expect, though, older women who have been in long-term marriages must confront unique financial issues when they’re facing divorce. Just as young brides have their own set of concerns to mull over, older women have to pay special attention to a number of financial matters specific to their age”.
Read on to learn about the financial factors to take into account when contemplating gray divorce.
Filing for divorce is an emotional roller coaster, but the right legal representation can help senior couples find strength in tough times. Industry professionals, such as DivorceAttorneyinLongIsland.com, share that it’s important to consult experienced divorce attorneys to determine the financial issues surrounding a later-in-life divorce.
Older divorcing couples must also be vigilant about inheritances. For instance, those who bought a house or a car through a joint bank account may end up dividing the inheritance between both spouses. If one fails to update his estate plan during the separation, then the soon-to-be ex-spouse may inherit everything later on. It’s advisable to review all financial accounts, assets, and debts to protect the future.
Another aspect to worry about is negotiating alimony agreements, as it’s a different situation for older couples exiting long-term marriages. Some courts provide financial support for the ex-spouse for life. Younger couples only have temporary alimonies.
Going through a gray divorce can be a financially and emotionally complex task. With experienced legal counsel and proper planning, though, older couples can reduce the devastating impact of the process.