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Grey divorce and the financial implications

Financial concerns are one the leading reasons that people choose to end their marriages. Unfortunately, these issues do not go away once the divorce papers have been filed, but they can have a significant impact on the actual divorce process and post-divorce life. This is especially true for Kentucky couples who are older and who have been married for a significant amount of time.

The number of grey divorces is on the rise, which brings to light the sensitive financial issues that concern older couples. For a person over the age of 50, a divorce can have a significant financial impact that cannot be overcome at that point in their life. It is critical to navigate these matters with a strong future in mind.

When a couple has been married for decades, there is a significant amount of marital property that must be equitably distributed. Retirement savings, a family home and other valuable assets will come into question. For an older individual, it may be tempting to sacrifice certain assets and property for the sake of future happiness, but it would be wise to seek a final agreement that provides stability and sustainability after the divorce is final.

Divorce is never easy no matter the age of the couple. Whether a person has been married for just a few years or for most of his or her adult life, it is important to seek the counsel of an experienced Kentucky family law attorney. This is the first step in knowing what to expect from a divorce and outlining expectations for the process.

Source: The Huffington Post, "50 Shades of Grey Divorce", Karen Covy, Aug. 23, 2016

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