Divorce rates are going down, generally speaking. But the over-50 cohort still has higher than average levels. These splits have been nicknamed grey divorces. People in Washington state should be aware of the special considerations that impact late-in-life divorces.
Finances and aging
When people divorce, it means their expenses go up. It’s more expensive, after all, to live alone than it is to split bills with someone else. Retirement accounts are also typically split during divorce proceedings. That means that aging adults are likely to lose part of their nest egg. This can cause real problems for people who are at or are approaching retirement age.
When people divorce later in life, they need to think carefully about the decisions they make afterward. It may be a good idea to rent out a room or even consider selling the house. Retirement savings should be protected as much as possible, no matter what the children or grandchildren need.
Part of this means being very cautious about tracking expenses. There are, of course, other things that people can do. It is possible, for example, to get a part time job to supplement income. However, being prudent about spending is important no matter how much someone is earning. That’s especially true now that life expectancies are longer. Most women today can expect to live into their 80s.
Regardless of age or the length of a marriage, it is important to find an experienced lawyer who may be able to guide peoplee through the process of ending their marriage efficiently. A good divorce lawyer may also be able to provide solid referrals for financial advisors who are equipped to help older clients.