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Gray divorce brings more specific financial concerns

In our Nov. 11 blog post, "Preparing for the financial side of divorce," we discussed steps that a separating couple could take to reduce the financial burden of the divorce process. This week, we will explore the financial aspects of gray divorce in Colorado and elsewhere. The term is meant to apply to couples over the age of 50 who decide to end their marriage. 

Typically, as a person gets older, they begin to look forward to retirement. However, for married couples considering divorce, they must also consider how the separation will affect their retirement funds. For many retired Americans, their retirement distributions are their only source of income. Divorce is naturally designed to split funds evenly and fairly between partners, but what happens when those individuals do not have much money to divide?

Particularly when the couple has raised a family in one home, the house is usually the biggest asset of contention in gray divorces. However, it may not be financially possible for one spouse alone to afford the house after the divorce. Therefore, even if some assets may hold sentimental value, it is best to ascertain the reality of one's future income without the support of the soon-to-be former spouse and make decisions accordingly.

When going through the divorce process, spouses often get so wrapped up with excitement or anxiety over the process that they fail to adequately plan for the future. This is particularly true with finances. Therefore, it may be in the best interest of each party to find an experienced Colorado divorce attorney to provide them with guidance concerning not only the process itself but also life after divorce.

Source: Bloomberg, "The Mid-Life Divorce: Don't Get Taken, Don't Get Even", Ben Steverman, Nov. 10, 2014

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