January 10, 2014 /24-7PressRelease/
-- While almost nobody gets married expecting the marriage will end in divorce, most people realize that getting a divorce today is a better option than being trapped in an unhappy marriage. The sad fact is that almost half of all marriages end in divorce; however, a silver lining to this is that the millions of people getting divorced in New York every year are able to enjoy a new life. Divorce is never easy, but it can be particularly challenging for older couples, who don't have as much time to rebuild their retirement plans after a divorce as younger people do.
Still, divorce among baby boomers is getting more common. USA Today says that divorce of people age 50 and older, also called gray divorce, doubled from 1990 to 2010. About one out of every four seniors is a newly divorced person.
The emotional and financial impacts of gray divorce
It can be empowering to end an unhappy marriage, says the New York Times. After a divorce, people can enjoy new friendships, relationships and hobbies. Those who are healthy and financially secure may be able to avoid most of the negative impacts of a divorce later in life. However, splitting assets and determining issues such as alimony
can be challenging. One spouse may end up with property taxes, or the penalties and taxes that result from withdrawing retirement funds early to make ends meet.
Many baby boomers are also experiencing declining health, making it hard to cope after a divorce, when they had counted on the support and care of a spouse. One woman with genetic emphysema, who had divorced in her 50s, had to return to work after her marriage ended. She worried over how she was going to save for retirement, care for her children and handle her rising medical bills.
Challenges such as these may seem insurmountable, but steps can be taken to save for retirement after a gray divorce:
- Speak with a financial advisor about developing a retirement plan
- Consider returning to work part-time or full-time and gradually add money to savings.
- Reduce spending by making small lifestyle changes, and rebuilt credit.
Additionally, divorced parents shouldn't support grown children who should be out of the house and supporting themselves.
An attorney can help
An attorney can be your best source of support when you're going through a divorce later in life. Contact an experienced divorce lawyer if you're considering a divorce, to help protect your assets and your financial future.
Visit us at queensdivorcelawyer.org/