06 Nov Getting Divorced in Your Golden Years
When you hear the word “divorce,” you usually think of couples under the age of 50—but that’s not always the case. At the Law Offices of Jeffrey M. Bloom, we know that plenty of couples get divorced when at least one spouse is in their golden years and retired. That can make divorce a lot more complicated because suddenly your retirement plans (and funds) have a big wrench thrown into the mix.
Understanding Gray Divorce
Divorcing after the age of 50 began to trend upwards in the 1990s and today we’re at a historic high. Every year, around one percent of Americans 50+ get divorced. These “gray divorces” require both partners to really understand where they stand financially. Women especially can be negatively affected by divorcing at an older age, as the average woman in a heterosexual relationship sees her “standard of living” go down by 45 percent post-divorce. Alternatively, men in heterosexual marriages only see their standard of living decrease by 21 percent. This is often due to men getting the retirement accounts while women get the house—meaning men have more assets to fund retirement while women get stuck with house maintenance costs and taxes.
Couples are also having children at older ages now, which means women 50+ might still be doing most of the work of raising children. Also keep in mind that if women stayed home to raise children, they only get half of their soon-to-be ex-husband’s social security benefits if they were married for over a decade. Finally, there’s the issue of employer-provided health coverage. The partner who wasn’t employed will lose this in a divorce, and that’s often the woman. Health insurance can be a huge factor in staying afloat or drowning after a divorce.
Schedule Your Consultation
It’s always in your best interest to have a divorce attorney working for you, but this is even truer if you or your partner are over the age of 50. To get started on the right track for a “gray divorce,” contact the Law Offices of Jeffrey M. Bloom today and schedule your consultation.