January 09, 2014 /24-7PressRelease/
-- Divorce has become a popular option for millions of couples across the country who are unhappy in their marriages. Rather than settling for many years of unhappiness, people now have the resources to do well after the end of a marriage. Even couples who have been married for decades are taking advantage of the ability to have a no-fault divorce when they're unable to make their marriage work. While divorce is never what a couple expects when they get married, it can be reassuring to know that it's no longer expected to settle for a lifetime of misery if things don't work out.
The U.S. Census reported over 10,000 divorces in Utah in 2009 - a higher number than the previous two years. The common issues surrounding divorce, such as child support and custody, property division and alimony
, can be difficult. It can be especially hard to come to a resolution that benefits both spouses when they're near retirement age, says the Miami Herald.
Still, divorces among baby boomers are becoming more common every year. USA Today says that gray divorce, or divorce among people older than 50, has doubled from 1990 to 2010. About one in four retirees are newly divorced.
The financial and emotional effects of gray divorce
After leaving an unhappy marriage, people can find renewed enjoyment out of hobbies, friendships and new relationships, says the New York Times. Many baby boomers have had decades to become financially secure, so even the financial repercussions of a divorce aren't too much of a problem for some. Still, it can be more challenging to divorce near retirement than for younger couples, who still have many years to build up their retirement accounts and assets. One spouse may end up with property tax or need to dip into retirement assets
early, suffering from the resulting penalties and taxes, in order to make ends meet.
Many senior citizens suffer from health problems, and can find life especially difficult without a spouse to care for them. After one woman with genetic emphysema divorced in her 50s, she spoke about her fears of not being able to save for retirement due to her medical bills, and worried about needing to go back to work while raising her children alone. For people like this woman, who may wonder how they can be free from an unhappy marriage but be able to support themselves through their retirement years on a single income, there are several different coping strategies:
- Try to gradually increase savings while rebuilding credit.
- Reduce spending by making small lifestyle changes.
- Consider increasing income by returning to work even part-time.
- Consult a financial adviser about retirement plans.
With the right type of planning and discipline, even people near retirement age can still live a full, happy life after getting a divorce.
How an attorney can help
Divorcing later in life comes with unique challenges that an attorney experienced in gray divorce can help with. Whether you're uncertain how to split marital property such as business assets and retirement savings, or if you're worried about spousal support or how to make ends meet after a divorce, an attorney will be your best advocate in representing your interests and helping you get your life back on track.
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