Gray Divorce

Comments Off by in CMW News
July 12, 2019
Gray Divorce

Image Copyright Ted Grussing Photography – Used with permission

What is gray divorce, you ask?  Gray divorce is defined as divorce later in life, usually 50 and over.  Statistics show a growing trend in divorce later in life.  Divorce of couples in the 50-65 age group has nearly doubled since 1990, while those in the age group of 65 and older has nearly tripled.

Divorce is a great stressor, many feeling that divorce is even more stressful than the death of a spouse.  It can be so complicated and seem to last forever.  Financially, it has powerful implications and some very life-changing decisions.

If you, friends or family members find yourselves in such a situation, here are just a few of the obstacles that will need to be overcome with the help of a trusted financial professional:

  • Should the couple use the same advisor or separate advisors?
  • What are the individual laws of the state they reside in?
  • How does it affect the couple’s retirement plan?
  • What is involved if the couple has a portfolio?
  • What occurs when one spouse has not worked?
  • What if the couple owns a business together?
  • What about the complicated issue of taxes?
  • What if there is a prenuptial agreement involved?

It is important to work with an advisor that has the comprehensive training and experience associated with the potentially complicated issues of gray divorce.  We recommend working with a Certified Financial Planner™ professional who is required to have comprehensive training in aspects such as retirement planning, estate planning, tax strategy and behavioral finance.

HAVE A GREAT WEEKEND!

Source: Rusoff, J. W. (2019, July). How to Rescue Retirement When Older Clients Divorce. Investment Advisor, 42-43.

http://brooke-randolph.com/Blog/Divorce