Title: Surviving the Financial Devastation of a Gray Divorce
While divorce is always financially and emotionally devastating, the problems are even worse when the couple has been together for decades. They have structured their lives around the assumption that they will always have each other’s support, and thus, separating is a painful and complex ordeal. Gray divorces have steadily become more common over the past years, and the problems they bring are daunting.
If you are going through a gray divorce, you are doubtlessly worried about what the future might have in store. Separating from your spouse this late in life will likely put an enormous burden on you. How do you cope with these challenges?
Understanding the Problem
Lawyers, such as divorceattorneyinlongisland.com routinely handle many gray divorce cases, and they find that there are usually three major financial challenges faced by the divorcees.
1.Property – Young couples do not have much to their name, so their divorces are usually simple and straightforward. With long-married couples, however, their properties are numerous and highly intertwined. Valuing and dividing these assets can be enormously complex, and the results may not be fair to you.
2. Retirement – A late divorce can set your retirement back by years, or even make it impossible for you to enjoy a certain standard of living. Other than the ransacking of your retirement accounts by the divorce itself, it is actually far more expensive for people to retire on their own than as a couple. Without a spouse to share the expenses, you may need to rethink your entire plan.
3. Employability – Many spouses sacrifice their career growth to focus more on their marriage and raising children, but this means that they may have difficulty earning a living on their own after a divorce. As a gray divorcee, you might no longer have the time or energy to develop your skills, and employers may start discriminating based on your age.
Protecting Yourself from Financial Hardship
If you are unfortunate enough to go through an unexpected gray divorce, it is crucial that you pursue every legal option available to you. Your lawyer must ensure that the division of assets is completely just, and you may even have to seek spousal support.
This is a challenging time, but fortunately, the courts will always take measures to protect the disadvantaged spouse.