The end of a marriage represents the possibility of significant financial changes for both parties. The implications are especially serious for two people who are nearing retirement age, as a divorce will impact savings, retirement plans and one’s financial future. A gray divorce, which is a divorce that involves people over the age of 50, is financially complex, but the right goals and perspective can help a California spouse seek a strong future.
The rising popularity of gray divorce
Gray divorces have seen a rise in popularity over the last few decades. Older individuals are less likely to stay in unhappy marriages simply because of convenience, cultural perceptions and other reasons. With life expectancy longer than ever, planning for a strong future after a divorce is crucial. It is important to consider the following:
- Income sources, particularly if the other spouse is the breadwinner
- Division of retirement savings
- What finances will look like post-retirement
- How a spouse will carry insurance and pay for health care
- Financial support of any dependents still under their parents’ care
These are only a few of the many issues that could impact a spouse’s financial health after a gray divorce. During this type of divorce, it is especially prudent for one to think about the potential long-term implications of any choices made.
Legal and financial guidance
During a gray divorce, the experienced guidance of a knowledgeable California family law attorney is invaluable. The decisions made during this process will affect one long-term, and it’s crucial to be smart, focused and practical. With the right support, it is possible to secure terms that will allow one to have a strong and stable future after the divorce is final.