Gray divorce can take a toll on your finances according to research

According to a recent study from Bowling Green State University in Ohio, the divorce rates among American adults aged 50 years old and above had doubled over the 20 years before 2010. In the same vein, Susan Brown, the lead researcher of the study conducted by Bowling Green State, reviewed divorce data in 2014 and made the conclusion that statistics have not varied over the years.

The study says that factors that contribute to the rise of couples divorcing during their later years include longer lifespans, the presence of more women in the workforce, changing views and ideologies regarding marriage, and higher preferences for remarrying.

Here are what some financial experts recommend for people who suddenly need to take into consideration being newly single when making retirement plans. Divorce at a more mature age can be particularly challenging because a “gray divorce” can be influenced by factors such as limited working years ahead, complicated asset arrangements, and adult children, which can complicate matters.

Financial experts advise divorcing couples to retain an attorney for legal decisions and counsel, move out of their ex’s previously-shared-house and into a smaller space for financial conservation, save and budget money, take care of their health, and maximize their assets, among other things.

When you find it necessary to hire a family law attorney because you need to file for divorce, request for spousal support obligation, or have the terms of your spousal support obligation agreement changed to reflect your or your ex-spouse’s current financial circumstances, call our attorneys at The Maynard Law Firm, PLLC in Raleigh at (817) 335-9600.