The dissolution of marriage comes with many challenges. For younger couples with children still at home, the biggest concerns are generally about custody and financial support. For those who go through the divorce process later in life, money is typically the main issue. It is not that Georgia residents who are going through a gray divorce do not have money — they generally do. It is more about how splitting one household into two will affect retirement years.
According to information from the Pew Research Center, gray divorce, or divorce after the age of 50, has doubled over the past 25 years. Why? Self-fulfillment and life enjoyment are often cited as reasons. Some couples simply look at each other and decide their marriages are not what they really want going into their retirement years.
Divorcing in one’s 50s or later does not give one a lot of time to make up any assets lost in the process. This can have a negative impact on retirement goals. As this is the case, how the property division settlement is finalized is really going to matter. Taking a quick settlement without understanding the consequences it can have long term is not really the best move in such a situation.
For a couple who is going through a gray divorce, whether in Georgia or elsewhere, it will be important for both parties to carefully consider all of the positives and negatives of dividing up certain assets. Tax consequences, fees and penalties can all add up over time, digging even deeper into one’s retirement funds. An experienced family law attorney can help an individual navigating divorce proceedings to achieve a property division settlement that is fair and leaves him or her in a solid financial position.
Source: finance.yahoo.com, “Gray Divorce: The Financial Challenges and Opportunities“, Maryalene LaPonsie, April 20, 2017