In most states around the country, including Pennsylvania, divorce rates are decreasing with every age group except those over 50. In fact, one in four couples over 50 will go through what many call a gray divorce, and this age group has experienced a staggering 50 percent increase in divorce rates over the last 20 years. Often, these individuals are retired and have their own unique set of financial consequences of divorce to deal with.
The possibility of losing assets after people stop working can be a severe blow to their financial stability and future. Making decisions on how to divide property, retirement accounts, business assets and stock options can have a real impact on the kind of lifestyle one can maintain after a late-in-life divorce, and for many, a wrong move can be financially devastating.
Besides the division of property, the cost of a high asset divorce is more than many retired couples can manage. Filing fees and many other unexpected costs can do serious damage to a fixed income and can have a lasting impact for years to come. Many are forced to take early withdrawals from retirement accounts or take on more debt to manage mounting legal costs.
As if the divorce itself was not enough to deal with, the emotional turmoil can be overwhelming. Many couples are so ready for the legal battle to be over they make hasty decisions under duress that they often pay for later.
For those over 50 who are thinking of divorcing, many considerations come into play. It will be important to make decisions that protect both spouses as much as possible and even the adult children who will inherit property. Consulting an experienced high asset divorce attorney could be beneficial in providing guidance in protecting financial holdings and navigating the complex legal process of divorce.