Although divorce rates have been falling across the country, California residents over 50 are not seeing this dip, which is part of an overall national trend being called “gray divorce.” In fact, according to the Los Angeles Times, nearly 15 percent of divorces come from couples who are over 50 years old. This is a dramatic spike, much of which has been attributed to increased longevity and longer-lasting health, putting a troubled marriage at risk for a longer amount of time than in years past.
If an older couple is facing divorce, there are different issues to consider. According to U.S. News, women are often more at risk in a late divorce due to likely earning less or perhaps being out of the workforce. For those considering divorce, experts advise compiling important documents in advance so assets are at less risk of being hidden from division. It is important to remember that in a divorce, “income is halved, while expenses double.” This may mean that keeping a family home is not in one’s best financial interest.
Women also live longer than men, on average, so considering the best financial course to ensure that money will not run out during retirement is of the utmost concern in a gray divorce. For wives who are granted spousal support, or alimony, it is possible to purchase life insurance on a spouse before a divorce is finalized. This insurance policy will protect against losing a necessary source of income, but this will require a medical exam on the part of the spouse being insured.
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