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Dawn K. Gull

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Dawn K. Gull

Financial concerns should be addressed in a gray divorce

| Mar 2, 2020 | Divorce |

A growing number of people 50 and older in Pennsylvania and throughout the United States are getting divorced. Typically referred to as a “gray” divorce, there are many concerns that come to the forefront in these circumstances. Whereas there are inevitable issues that arise in any divorce, a gray divorce is unique in that the parties are generally looking toward retirement and no longer need to think about child support. During the divorce process, it is wise to consider how those who are in this situation will be impacted in the immediate and long-term future.

At an estate planning convention, TD Wealth asked various experts in the field about factors that are sparking family disputes. Gray divorce was mentioned by 40%. This is a significant number. When they are getting a divorce, older people have different worries than younger people. The average life expectancy is rising, bringing finances to the forefront. People want to make sure they have enough to make ends meet and even live an enjoyable life post-marriage. Healthcare expenses can be worrisome.

While finances are a consideration regardless of the age at which people choose to get a divorce, older people must think about this with greater vigilance and address it during the case. During a marriage, couples will have shared expenses. That ends with a divorce. The marital home could be up for dispute and may need to be sold. Powers of attorney, Social Security benefits, wills, an IRA, pensions, bank accounts and other properties are critical parts of a gray divorce.

Statistically, people 50 and older are getting divorced in greater numbers. In 2017, the Pew Research Center conducted a study indicating that the number of divorces for these couples has almost doubled in the past 30 years. Since a gray divorce has its own specific challenges, having legal advice from a law firm that is experienced with all types of divorces can be key. When thinking about a gray divorce or already moving forward with a case, calling for a consultation can be a beneficial step.