Americans aged 50 and older are choosing to end their marriages at a higher rate than younger couples, many of them facing significant financial challenges after the process is final. Divorce will almost certainly impact lifestyle choices and other matters, such as retirement accounts and the ability pay for college. All of these matters must be carefully considered during what is known as a “gray divorce.”
Ohio readers know that divorce is a difficult process, and it can be particularly complicated for people who have been married for decades. Property division and alimony can be tricky issues, and many people know that they must adjust their expectations for retirement. Savings accumulated during the marriage, including retirement accounts, must be divided between spouses.
Many people believe that they must sacrifice financial security for happiness. In some divorce cases, people will take a financial hit, but that is not always the standard for every situation. It is critical to work with an experienced lawyer to ensure that all assets are disclosed, thereby giving a person his or her rightful share of all marital property.
It is normal to have questions and concerns regarding financial security after divorce, especially if a person is over the age of 50 or close to retirement. Financial circumstances may change, but it is possible for Ohio residents to work toward a stable, sustainable and beneficial settlement. To better understand what legal and financial options are available and beneficial or to prepare for the divorce process, a person would benefit from seeking a case evaluation from an experienced family law attorney.
Source: Bloomberg, “Older Americans Are Jeopardizing Their Retirement With Divorce“, Carol Hymowitz, Sept. 29, 2016