A gray divorce will affect finances long-term

On Behalf of | Aug 28, 2021 | Divorce

The decision to end a marriage is one that will have long-reaching effects for a Virginia adult. A divorce will impact various areas of one’s life, including finances, especially if one is facing a divorce later in life. A gray divorce will have implications on one’s retirement plans, long-term goals and other areas of life. Before moving forward with this step, it is prudent to be prepared for what’s ahead and knowledgeable about how one can protect his or her interests.

A divorce later in life

When a couple with one or two spouses age 50 and up decide to divorce, that is a gray divorce. The financial implications of these specific divorces are serious because the division of marital property will be especially important for those near retirement age. Even though these divorces do come with some financial risk, gray divorces are more common than ever before

Gray divorces may be more common now because life expectancy is longer, and cultural perceptions of divorce are changing. Many people now work past retirement age, and they may be in a better position to recoup losses after a divorce. It is now more common for older couples to choose future happiness over the convenience of staying in an unhappy marriage.

Protecting long-term interests

A Virginia spouse facing a gray divorce would be wise to focus on protecting his or her long-term interests at this time. This means making choices that will be beneficial well into the future. It may be helpful to discuss concerns with an experienced attorney to understand how to pursue stability and financial security if divorcing later in life.