Gray Divorce: Essential Tips for Divorce after 50
More people are getting divorced later in life than ever before. In fact, 1 in 4 divorces now involve couples over the age of 50. McKinley Irvin has published a comprehensive guide that addresses the trends and effects of this phenomenon, as well as the significant legal issues that exist in a Gray Divorce.
Infographic: The Rise of Gray Divorce
What makes a Gray Divorce different?
Getting divorced is never easy. Divorcing when you're getting closer to retirementg age, however, presents a unique set of complications:
- How do we divide our retirement funds?
- How will I have enough income to support myself after the divorce?
- How will our marital assets be divided?
- What will the divorce do to our estate plan (will/trust) and our children's inheritance?
- Will I still be entitled to my spouse's social security?
- What will I do about health and life insurance?
- Are both spouses competent enough to represent themselves capably?
- How will I be taken care of in my old age without my spouse to care for me?
Gray Divorce, A Comprehensive Legal Guide for Divorce After 50 addresses all of these questions, in order to better prepare those considering or facing a divorce later in life, as well as what you need to know after divorce about remarriage, benefits, and spousal support.
What's the biggest mistake you can make in a Gray Divorce?
We believe one of the biggest mistakes people often make when deciding to divorce is not doing their homework. While a divorce is a difficult and emotional decision, drastically altering your life plans when you are older can have significant consequences that should be carefully researched. Speaking with an attorney and a financial expert before you make your decision will show you what the consequences of your divorce will be and how best to proceed.