There is increasing data that says divorce is on the rise among people 50 years and older, also known as the Baby Boom generation, but the divorce planning that goes into a gray divorce is quite different than that for younger couples. Unlike the older generations, divorcé(e)s in their 30s have a lot more time to save for retirement after the financial shock of ending a marriage. The older you are, the harder it is on your finances and retirement plans if you divorce.
This does not mean, however, that it is financially irresponsible for Arkansas’s baby boomers to get a divorce, it merely takes a little financial planning, as well. One of the most important things someone 50 and older can do when hiring a divorce attorney is to also hire a financial planner. By working together, they can make it a lot easier to get a divorce settlement that will provide for a newly single person as he or she approaches retirement.
It is tremendously more expensive to retire as a single person than it is to do so as a couple. As a single person, it will be 30 to 50 percent more expensive. Couples can save more money when they are together than if they have split up. Individuals will need separate homes, separate cars, separate trips and, for anyone needing medical care, they will need to get professional help instead of relying on a spouse for help.
There are people, however, who are successfully divorcing at any age. If a baby boomer wants to divorce, he or she can work closely with an experienced divorce attorney and a financial planner, both of whom should be familiar with the issues unique to gray divorce.
Source: USA Today, “Boomer divorce: A costly retirement roadblock,” Rodney Brooks, Feb. 26, 2013
To learn more about the financial aspects of Baby Boom divorce, please see the source above. To find out more about the issues surrounding divorce in Arkansas, please consult our website.