People change. Families change us. Dreams are realized. Whatever the reason or reasons, folks 50+ are divorcing at an impressive rate. Although a grey divorce is like any other divorce, the issues inherent with this type of divorce do warrant a closer look. Grey divorces pose threats to finances and security that an earlier divorce might not. If you are divorcing and fall into the grey divorce category (typically fifty or older), heads up:
We do have a blog specifically about this. The important thing to remember is that if you are divorcing in later years, retirement might not be on the horizon. Read further here:
Many parents sacrifice part of a job, or all of a career, in order to tend to children. A large amount of women divorcing in a grey divorce will have to fight for alimony since the financial balance for the payor is severely risky (normally) when looking at a fixed income and divorce.
Unless a spouse had their own savings, 401k, or the couple are wealthy enough, expect a huge change in lifestyle. Both parties can expect a diminished lifestyle and need to make a plan for years in which they age.
In most cases, the kids are grown and financially independent; however, some couples have children whose medical diagnoses render them dependent upon the care of a parent. Financial needs must be met and care must be taken towards the parent who shouldered the majority of the responsibility for the dependent child. If a child is severely handicapped, emotions must be set aside and practicalities addressed towards the future of the child.
These are pretty general, but should get you thinking if your divorce falls into this growing category. Things get complicated, but we’re here to help! Call, email, or text our offices for a consultation: (479) 434-2414 Fort Smith • (479) 802-6560 NWA