Going through a divorce and subsequent asset division can be difficult even in the best situations. Gray divorce, or divorce between people over the age of 50, comes with a unique set of challenges that are not as prevalent or important in divorces among younger couples. A recent article details some of the particular considerations that Ohio couples may want to be aware of if they are pursuing a divorce later in life.
Throughout the country, one out of every four couples who are pursuing divorce are over the age of 50. That rate doubled from 1990 to 2000. Because of this, many are paying close attention to the financial ramifications of divorcing either close to or after retirement.
If couples divorce while in retirement, typically pensions and retirement accounts are split equally between the two parties. Thus, the money that was supporting one household must now support two. Many find that they have to make changes in their lifestyle, and while this is not insurmountable, it is still a consideration that can impact couples in a gray divorce more significantly than in other situations.
Another major concern is health care benefits. In many cases, these benefits follow one party or the other, and financial considerations may need to be made for the other party in the final agreement. This is particularly important with couples who divorce later in life, as many times there are more health problems to contend with than with younger couples.
Couples seeking a “gray” divorce in Ohio could benefit from the guidance of an attorney who is knowledgeable concerning the applicable divorce laws and local court procedures. Gray divorces can be complex, especially when dividing assets. An attorney can assist in unraveling the complexities, and ensuring that the client is fully apprised of the pertinent legal and financial ramifications.
Source: The Washington Post, “Gray divorce can drag both parties into the red“, Rodney Brooks, April 9, 2016