Four Issues for Those Facing a Gray Divorce
June 1, 2018
When a couple gets married, they believe their marriage will last forever. Many times this is the case for Waukesha area residents. But, divorce is common for couples who have been married for any length of time. A relatively new phenomenon is the increase of divorce for couples who have been married for decades, often referred to as a “gray divorce.” These couples have unique needs that they face in a divorce situation.
Among baby boomers, there is a divorce wave occurring. For those who are over 50, the divorce rate has doubled in the past 20 years. There are unique issues those who are older and divorcing face, many of them financial. When a couple divorces during their retirement years, it can be costly to maintain two households instead of one. And many times, one spouse dealt with financial matters throughout their marriage and now the other spouse needs to learn about these money matters and may feel unprepared. Health care for older adults is another huge concern. A divorced spouse may not be covered on their ex’s medical plan and so someone will need to pay for the medical care. It can also be difficult to divide up retirement savings that have a guaranteed lifetime income annuity.
Gray divorce is becoming more and more common for baby boomers who have realized that they will live longer and want to start fresh. Although these are understandable reasons for a divorce, knowing that there can be financial consequences is important. A legal professional who is skilled in divorce among older people can help their client through the many complications that may arise. An attorney understands that their client would like a fresh start and they can help work through the complicated issues and help their client start their new life.
Gray divorce is on the rise in Waukesha and across the United States. Understanding the issues that affect older adults is important in making sure their divorce is handled correctly.