Late-life divorce, also called “silver” or “gray” divorce, is becoming more acceptable and common. However, divorce during senior years carries its own unique concerns and financial challenges.
Researchers at the Bowling Green State University in Bowling Green, Ohio, found that although overall divorce rates in the United States are falling, people aged 50 and over are now twice as likely to undergo divorce in comparison to 1990. The study also indicated that one out of four divorces in 2010 occurred in that age group.
Divorce is a difficult process at any age. Although seniors who choose to divorce may not face the same stressful child custody and support issues that younger couples may have, they will likely have to deal with major financial considerations.
During divorce proceedings, senior couples need to consider how to split retirement assets that are present in the marriage. Such assets continue to grow even after the divorce, and careful planning can help ensure that individuals receive their share of the payments. The rules governing the division of retirement accounts in California are complex and ever-changing.
With studies showing that remarriages have higher divorce rates, individuals would also benefit from getting a prenuptial agreement to protect assets. Without one, a second divorce can drain retirement savings that have already been divided once. A prenuptial agreement is a tool that enables an even post-marital distribution of assets to avoid conflict.
No matter the age of the divorcing spouses, they should try to keep conversations about finances as neutral and amicable as possible. There is no benefit in having a contentious divorce. Instead, mediation can offer the opportunity for both parties to reach a satisfying outcome on common ground.
For more information, see:
- http://money.usnews.com/money/retirement/articles/2015/04/24/7-things-to-know-about-divorcing-during-your-senior-years
- http://www.nytimes.com/2015/10/31/your-money/after-full-lives-together-more-older-couples-are-divorcing.html?_r=0
Gerald A. Maggio is a trained Orange County divorce mediator who has amicably resolved cases many cases out of court, as well as an experienced divorce and family law attorney. Mr. Maggio founded California Divorce Mediators in 2012 with the belief that although “not every marriage can be saved, every family can” and a mission to save families from the financial and emotional distress associated with traditional divorce litigation. California Divorce Mediators is located in Irvine, California, and serves the Orange County area and other counties in California offering divorce mediation, child custody mediation and mediation of other family law matters.
