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Financial impacts can come from a grey divorce

On Behalf of | Jul 10, 2020 | Divorce

Going through a divorce at any age is a major change that requires you to make specific adjustments to your lifestyle. One of the primary reasons for this is that many individuals are going from a two-income household to a single-income household. This can be a big challenge for all age groups, but it might be especially troubling to senior citizens who are facing a divorce.

Younger people who go through a divorce likely haven’t amassed large retirement accounts that have to be divided. Even if they have these accounts and have to split it between them and their ex, they have time to work to amass a suitable retirement savings again. Senior citizens don’t have that luxury. Instead, these older individuals are facing some potentially harsh decisions.

It’s possible that the stresses of trying to handle finances during the retirement phase of life can contribute to the number of grey divorces in this country, but it’s just as likely that unemployment can cause the split.

Oftentimes, an older couple will realize that they’ve simply grown apart and don’t share interests. They may realize that they aren’t going to be able to do things together that they’ll both enjoy. This might make them consider divorce despite the financial challenges.

If you’re facing a grey divorce, you must take steps to protect your financial future as much as possible. Your attorney can help you to determine what types of property division settlements might work for your case. Consider each option so that you can determine how they might impact your future. From there, you can work toward the one you feel is in your best interests.

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