Divorce has become a common occurrence among couples of all age groups. Surprisingly to many, divorce in those over 50 years of age is quite popular. Approximately one quarter of those in America going through the divorce process are older than 50. Those in Pennsylvania that are interested in learning more about gray divorce and its effect may want to seek assistance from professionals in the family law field.
In the last two decades, gray divorce has doubled for a variety of reasons, including an empty nest or already being in a second marriage. What many of these couples do not know, however, is that divorcing later on in life can have a big impact on retirement and other pensions. If one is living in retirement at the time of the divorce, it is likely that the retirement money will have to be split between the two parties.
Additionally, pensions earned throughout the course of a marriage are considered the property of both parties and would be divided between them. As a result, many of these divorcing couples are unable to maintain the lifestyle that they had prior to the split. Finally, health care plans are also something that has to be worked out during the divorce process. One party may or may not be covered by the other's plan, leaving one responsible for the financial cost of his or her own plan.
Gray divorce is prevalent across Pennsylvania and the United States. For those considering divorce later in life, there are resources available that can better explain the process and its various aspects. Legal professionals are also able to provide guidance throughout the divorce as each party learns about property and finances and how this change will affect them.
Source: gazette.com, "Retirement: Gray divorce can drag both parties into the red", Rodney Brooks, April 12, 2016