Gray divorce and the financial impact on retirement

For Americans age 50 and up, retirement is rapidly approaching. While most Kentucky readers have been making retirement plans for years, divorce can halt these plans and quickly change financial options for older individuals. The high and increasing number of retirement-age adults who are divorcing has led to widespread use of the term gray divorce. Gray divorce, while complex, does not have to result in financial devastation.

Retirement is only possible if there are sufficient funds set aside for living expenses and lifestyle choices. The end of a marriage will certainly bring financial change as all marital assets, including retirement finds, must be equitably divided between the two spouses. For some people, a divorce may mean that a person must continue to work longer than intended or adjust expectations for financial abilities after retirement.

Divorcing after decades of marriage will involve the resolution of various complex financial matters. It is important to work with an experienced divorce lawyer as early as possible in order to protect financial interests and long-term security. Settlements should not be agreed upon unless all details and possible implications have been carefully considered. With preparation and strong representation, a gray divorce does not have to lead to financial devastation.

One does not have to trade long-term financial security for happiness. While compromises may be made, it is possible to secure a divorce order that provides stability and is sustainable long into the future. A person can learn more about his or her rights and legal options by seeking a complete case evaluation with a Kentucky divorce attorney.

Source: Bloomberg, "It's Not Just Brangelina Taking a Financial Hit With Late Divorce", Carol Hymowitz, Sept. 29, 2016

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