On behalf of South Tampa Law Group on Friday, October 19, 2018.
When heading for divorce, Florida couples understand the importance of seeking final resolutions that allow them to have financial stability in the future. This may be particularly important for older couples who are closer to retirement. If you are facing the prospect of a gray divorce, it may be beneficial to learn more about how you can protect your financial interests.
In a gray divorce, parties are over the age of 50, which means they have less time to financially rebound after divorce. The rate of baby boomer and gray divorces has increased dramatically over the last few years. The end of a marriage will likely impact retirement plans, and it is prudent to make choices that will allow you to have security and stability well into the future.
Why are there so many gray divorces?
There are various reasons behind the rise in gray divorces. People are living longer than ever, which means they believe it is not worth staying in an unhappy marriage for the remainder of their lives. Since the 1990s, the divorce rate for older couples nearly doubled, and another reason for this may be because there is less cultural stigma associated with divorce than there was in the past. More older couples nearing retirement are making the choice not to spend their golden years together.
The financial implications of gray divorce
Making the choice to end a marriage near retirement can have significant consequences for couples, especially when they have been married and saving together for decades. Consider the following:
- Gray divorcees are not usually as financially secure as younger people who go through a divorce.
- Living alone can be expensive, and it may require adjustments to lifestyle and plans for retirement.
- It can be hard to reenter the workforce or find a higher paying job later in life, leaving a person with fewer resources with which to financially rebuild.
It is critical for a person facing the prospect of a gray divorce to take the necessary steps to prepare financially for what is ahead and pursue a final divorce order that is fair and sustainable.
If you are headed for divorce and have concerns about what this may mean for your financial health, it may be prudent to seek an understanding of your options through a complete evaluation of your case with an experienced family law attorney. Preparing for what lies ahead can help you make smart choices and move toward a final resolution that allows you to look at the future with confidence.