Its called "gray divorce"; implying that baby boomers getting divorced are old and gray. Hey - there might be a few gray hairs in there, but its nothing a trip to the salon can't fix.
"Baby boomers", those born between 1946-1964, are getting divorced at an increasing rate according to this article from 2013. And while divorce at any age can be financially challenging, divorce in your later years can be more complicated and financially burdensome. That's because most baby boomers, or people in their 50's and 60's, have worked a full career and have saved and invested their money for retirement. During divorce, those retirement assets and accounts are subject to equitable distribution and must be shared with the spouse. Why? Because theoretically, when you saved that money, you were doing it with the idea that you and your spouse would share in the wealth in retirement. The fact that you are splitting up does not negate the fact that you each expected that money to be there. An attorney experienced in family law can explain your economic rights and suggest practical options for minimizing the economic impact.
Divorce in your 50's and 60's can also be emotionally daunting. Getting back into the dating game after many years of marriage might seem overwhelming and confusing. Is the word "date" even appropriate any more? With social media and online dating sites in abundant supply, its a whole new world out there. Carol Johnson explains how she got back in the groove in What It's Like To Get A Divorce -- And Start Over -- At 58. Having a supportive network of friends, coworkers and experienced professionals such as an attorney, accountant and counselor, will help you get through it.
For more detailed information on divorce and your economic rights or obligations, schedule a consultation. I can be reached at 609-601-6600.
For daily posts and information on family law and guardianships, I invite you to like my page on Facebook.
Have a great weekend!
Stephanie
No comments:
Post a Comment