Divorce is a difficult process, and it can be especially difficult for people who are closer to retirement age. Gray divorce is a term used to describe a divorce involving two people who are over the age of 50. Over the last few decades, the number of gray divorces has been increasing, which means more people are looking at bleak financial futures after their divorces are final.
Divorce often leads to financial struggles for both parties, even if they are wealthy. Dividing marital property, paying spousal or child support, selling the family home, or finding a new place to live are all costly. Studies suggest that people who divorce can expect to see their overall wealth decrease by approximately 50%. With this in mind, you understand how important it is to fight for a fair property division order.
Divorce is hard for everyone
No one is immune to the financial difficulties brought about by a divorce. Even the very wealthy feel its effects. Consider the high-profile divorce of Amazon founder Jeff Bezos and his wife of 25 years. While Jeff still retains a lot of wealth after his divorce, his wife walked away with almost $40 billion. In addition to the financial aspect of divorce, the stress and strain brought about by this process can lead to physical issues as well, including high blood pressure and weight gain.
Divorce is especially hard for older individuals because they have less time to financially recover from their divorce. It can lead to a significant shift in a person's standard of living, especially for women. A gray divorce will almost certainly require that you make some adjustments to your expectations for your lifestyle both now and in the future. It's helpful to maintain a realistic perspective regarding what your life will look like when it comes to post-divorce finances.
Fighting for the future you deserve
You will benefit from thinking about your financial future as you walk through divorce, particularly as it pertains to your retirement. Money you saved for your future while you were married is probably marital property, which means you and your spouse will have to divide it, but you can still have a strong future.
Your plans for your golden years may have to change a little, but that does not mean that you cannot look ahead with confidence. You will find it helpful to work with an experienced attorney who can help you fight for your fair share of marital property, including your retirement and long-term savings.