Over the last two and a half decades, people over 50 have become twice as likely to go through divorce than they were in the late 1980s. New freedoms and a longer life expectancy can be partially to thank for the rise in what has been termed gray divorce. People who divorce at 50 or older may experience financial problems when they suddenly become single again. If you have questions about filing a divorce, Vayman & Teitelbaum can help. Their experienced family law attorneys can give you insight on what to do if you are planning a divorce.
Memories Can Cause Money Woes
When older people divorce, it is common for one of the spouses to stay in the family home. Due to the memories accumulated in the property, men and women feel an attachment they do not want to lose. However, the attachment to the house can cause severe financial strain that can be difficult, or even impossible, to overcome. Taxes, maintenance of the property and more can be crippling.
When spouses split up, the assets accumulated for retirement can be divided between the two parties. One spouse could lose half of the pension he or she worked hard for.
Share of Social Security
Older divorced people can see an ex-spouse claim their Social Security benefits. If your spouse did not work for a minimum of 10 years and you were married during that time, he or she may have a right to your benefits.
Things to Remember if You Plan a Gray Divorce
According to a 2016 article by MoneyTalksNews, 25% of women who go through a gray divorce live below the poverty line. Married life gives older couples a cushion that those separated do not always enjoy. While living together may be difficult, living apart could be worse. That is, unless you retrain to go back into the workforce.
The life expectancy rate in the United States is 78.8 years old. Which means you would have plenty of time to retrain for a new job if you got divorced at 50.
Mental, Physical, and Emotional Health
When going through a gray divorce, it is expected that the couple involved was together for a long period. Compared to a younger divorce, a gray divorce is likely to have accumulated decades of time together before the decision to split is made.
In this case, the mental and emotional strains can be just as great as the financial ones. However, the addition of any money problems can also affect the mental, physical, and emotional health of those involved.
Vayman & Teitelbaum Can Help
The law firm of Vayman & Teitelbaum can provide you with legal guidance when it comes to divorce. With four locations in Georgia, Vayman & Teitelbaum, Attorneys at Law, is available to give you insight on issues surrounding divorce. Visit our dedicated divorce page to see how we can help you. If you have any questions, contact us and let our experienced attorneys in family law go to work for you.