Articles Tagged with gray divorce

Shared-Finances-AdobeStock_297795500-300x169Even when a couple grows apart, it doesn’t always mean they stop caring for each other, particularly if they had been in a long-term marriage. They may lead separate lives, both physically and emotionally, yet remained legally married because their finances are so intertwined that moving from shared to separate accounts is more complex than simply divvying up their assets. Fear and uncertainty prevent them from finalizing their divorce.

Understanding what to expect your financial future to look like after divorce, especially in terms of major issues like taxes, healthcare and even income, is the first step toward freeing yourself to move on with your new single life. To learn more, read “How To Free Yourself Financially From Your Ex-Spouse.”

Reitrement-Gray-Divorce-400-04834468d-300x200“Gray divorces” are becoming more prevalent these days. That’s when couples in the 50+ age group call an end to their often long-term marriages. While divorce at any age can be difficult, these later-in-life breakups present their own unique challenges. For one thing, many of these couples are facing an end to their careers, which translates into a potentially lower income and less time to rebuild after a financial setback.

Divorce at this stage of life also puts the retirement picture in a whole new light. The financial resources that a couple has accumulated over many years of marriage now has to support two households instead of one. But divorce, even at this late stage, doesn’t necessarily mean an end to your retirement plans. There are steps you can take to salvage your relaxation plans when you finally decide to leave the workforce. For ideas on how to still enjoy retirement after divorce, read “5 Ways to Stop Divorce from Wrecking Your Retirement.”

gray-divorce-400-05339652d-300x201Gray divorce — the term given to couples age 50 and older who terminate their marriages — seems to be a growing trend.

The National Center for Health Statistics reported that in 2015 there were 10 divorced people for every 1,000 married people age 50 and older in the U.S., compared with 5 divorced people for every 1,000 married people in that age group in 1990. In the 65+ age group, the 2015 divorce rate was 6 for every 1,000 married persons, which was 3 times the 1990 rate. See “A costly ‘gray divorce’ can upend your retirement plans.”

While couples at this stage of life may not have to worry about such issues as child custody and support, divorce still takes an emotional toll and can endanger the couple’s retirement funds. If these funds are not properly divided and transferred, the couple risks tax consequences and possible penalties that can be devastating to their financial well-being. To learn about important steps to take to protect your retirement funds in the event of a gray divorce, read “5 Retirement Moves for Recently Divorced Couples.”

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