When an older couple decides to end their marriage, it can take a significant financial toll on their future. Gray divorce, which is a divorce involving two people age 50 or older, can have various implications on things such as retirement and long-term savings. With fewer years remaining to work, save and recoup financial losses, these are serious matters a Pennsylvania reader would be wise to consider if he or she is moving forward with a later-in-life divorce.
The rate of gray divorce has skyrocketed, and there are many reasons for this. People are living longer than ever, and they may feel they want a chance at happiness in their golden years. However, these divorces can be quite complex, especially when the couple has been married for decades and has lived together, worked and saved for retirement together for a number of years.
Divorce later in life can cause significant financial stress, but it can help for a person to be prepared for the challenges ahead. A person can consider changing his or her retirement date, try to work more to save additional funds, adjust expectations and implement strategies for expense management. With preparation and a fair divorce order, it is possible emerge from a gray divorce with a strong future intact.
If a Pennsylvania reader is preparing for a gray divorce, it may be beneficial for that individual to seek experienced guidance. Due to the complex financial issues at hand, it is prudent to seek counsel before making any important decisions for the future. While there will likely be financial adjustments, a gray divorce does not have to wreck a person’s retirement.