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A "gray" divorce may significantly impact Kentucky couples

Going through the dissolution of a marriage, including asset division, can be difficult even in most any situation. A "gray" divorce, or a divorce between people over the age of 50, presents a unique set of challenges that are generally not as important or prevalent in divorces between younger couples. A recent article details some of the particular considerations that Kentucky couples may want to contemplate if they are pursuing a divorce later in life.

Throughout the country, gray divorces have steadily increased in frequency over the past few decades. A recent article reports that the divorce rate between people between the ages of 55 and 64 has doubled, and the rate for those 65 and older has tripled. There are many factors that have affected this rate, such as longer life expectancy and the general increase of acceptance of divorce.

Due to these statistics, many are starting to pay more attention to the financial ramifications of divorcing later in life. When most people who are over the age of 55 today began planning for retirement, they never considered making such a drastic relationship change at this stage in their life. Suddenly, what was once a comfortable retirement cushion may be cut in half in the event of a divorce, and it could be that expectations need to be adjusted accordingly.

Couples seeking a late-life divorce in Kentucky may benefit from the guidance of an attorney who has significant experience in divorce litigation.  Gray divorces can be especially complex, particularly when dividing assets such as pensions, 401k accounts and other investments. An attorney can assist in unraveling these complexities, and strive to ensure that the client is fully apprised of any unforeseen financial difficulties.

Source: thefiscaltimes.com, "Don't Let a Late-Life Divorce Ruin Your Retirement Plans", Janna Herron, May 4, 2016

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