Are “Gray Divorces” More Costly? Find Out if Getting a Divorce Later in Life Might Cause “Financial Fallout”
Some Miami married individuals and residents may have heard of the term “gray divorce” in recent years. Indeed, in the past several years, the phenomenon of “gray divorces” has been highlighted in many news stories and reports across Florida and across the country. “Gray divorces”, or divorces by individuals and couples who are fifty years old and older, have increased in number dramatically in the United States, and couples are getting divorced at more advanced ages and after length periods of marriage in higher numbers than ever before. Some researchers say, however, that the freedom that gray divorce may bring to individuals later in their lives may also be very costly for their wallets. But how costly is a gray divorce, exactly, and does it impact female gray divorcees and male gray divorcees equally? We answer those questions here.
Gray Divorce: The Financial Impacts of Divorce Later in Life
The numbers speak volumes when it comes to gray divorce. In fact, these days, a whopping one out of ten individuals who gets a divorce is at least 65 years old. A study by Bowling Green State University revealed, additionally, that divorces for individuals who are 50-years-old and older have doubled since the year 1990. When it comes to individuals who are 65 years old and older, the number has tripled. However, experts say that gray divorce is especially costly, especially to older women. According to the studies, women’s income typically dips up to an incredible 40% in the year after a divorce, and women’s standard of living after divorce declines 45%. In contrast, the drop for men is only 21%. The fix? Financial planners suggest that individuals who may seek a gray divorce should contribute any extra money that they have to a retirement plan. “What we see most of the time is both of the parties have to start rebuilding their retirement assets,” financial planner Kristin Castello told WILX 10. “If you’re over age 50, you can contribute an extra $7,500 to your 401k every year.” In addition to building retirement assets, experts also suggest that advanced-age individuals who are married – and especially women – should have access to their own money (“so your spouse can’t shut off financial support”), and should know the full picture of the financial landscape and where money goes in their household.
Legal Help for Divorcing Individuals in Miami
If you are seeking a divorce in Miami – whether you are an older individual seeking a gray divorce or a younger person seeking a divorce – and you need legal help, do not hesitate to reach out to an experienced Miami divorce lawyer about your case. The experienced Miami divorce lawyers at True North Law, P.A. are here to help individuals in Miami with their divorce matters. Contact the experienced Miami divorce lawyers at True North Law, P.A. today and speak to a Miami divorce attorney about your rights and options under Florida marriage and divorce laws now.
Source:
wilx.com/2024/08/03/financial-fallout-cost-gray-divorce/
