Mitigating Against the Risks of a Gray Divorce

 Posted on June 19, 2017 in Family Law

Divorce after the age of 50 is a growing trend – so much so that it has been named the “gray divorce.” In many ways, this is a positive thing. It means that people are living longer and can focus on their happiness and self-fulfillment. It also suggests that women are better able to support themselves, even during their retirement years. Unfortunately, there are some potential drawbacks to divorcing later in life. One of the biggest is the risk of financial loss. In some cases, the loss may be so severe that it results in divorce-induced poverty. Learn how to mitigate against this risk, as well as many others, with help from the following information.

Protecting Your Financial Well-Being

Most couples nearing retirement had originally planned to raise their children together and then enjoy their retirement years together. When retirement approaches and couples realize that they would be better on their own, they often find they are unprepared for the financial implications of divorce. Their retirement funds, which was meant to support just one lifestyle, must now cover two sets of expenses. Financial loss after divorce can impact more than just the ability to cover month-to-month expenses. It could also mean losing health insurance, which may be critical to preserving an individual’s long-term health.

When couples who are nearing retirement and planning for divorce understand these risks – and understand that it may be present for both parties – they may be disheartened at first. However, it is possible to mitigate the risks. Couples can go through mediation instead of a litigated divorce. Doing so can encourage couples to work through the division of assets in a way that can hopefully satisfy both parties. Mediation can also reduce the overall cost of divorce, which can be highly beneficial if the couple is at risk for a severe financial loss.

Contact Our Experienced DuPage County Divorce Attorneys

At Mevorah & Giglio Law Offices, we understand that every divorce is unique, and we tailor our services to suit your needs. Whether you need mediation services or an attorney to represent your best interests while using another alternative dispute resolution option, we have you covered. N every situation, we pursue the most favorable outcome possible. To learn more about how our DuPage County divorce lawyers can assist with your case, schedule a free initial consultation. Call our offices at 630-932-9100 today.

Source:

http://www.cnbc.com/2017/06/20/a-costly-gray-divorce-can-upend-your-retirement-plans.html