Divorce is not generally considered an easy process, but as we get older it can get even harder. It’s understandable to feel overwhelmed at the idea of being alone when you and your spouse have so much history but it isn’t too late to get a fresh start on your happiness and independence. You don’t have to do it alone, your Raleigh divorce attorney is here to help you navigate this new road you’re on.
- Fixed assets
- Limited employment opportunities
- Limited financial opportunities
- Physical and emotional health
- Adult children and their families
Every divorce is different no matter what age two spouses decide to split. Divorce after 50, sometimes referred to as “grey divorce” is becoming more and more common as the baby-boomer generation ages.
According to the US census bureau, in 1960 only 2.8% of people over 50 were divorced. That number grew over the years reaching 11.8% in the year 2000 and finally 15.4% according to the 2011 census with another 2.1% in separation from their partner. While divorce has actually been trending downward, the number of divorces in couples over 50 has doubled since 1990 according to the New York Times.
Likelihood and Reasons for Divorce after 50
When it comes to breaking down divorce percentages in people over 50, a study by AARP showed that 73% of participants divorced between the ages of 40 and 49 while 22% of participants divorced between the ages of 50 and 59. Only 4% of the participants contributed to divorce after the age of 60.
In that same study, it was shown that women were more likely to initiate a divorce as opposed to men. Of the divorced participants, 66% of them said that the woman in the relationship initiated the divorce while men initiated 41%.
Financial Aspects to Consider in Divorce Later in Life
The longer the marriage, the more strings there are to sever and as we age, it becomes harder and harder to get back on our feet financially. US News reported that when you divorce in your senior years, there are a variety of financial factors you will likely need to consider. Your Raleigh family lawyer will be able to help you with each of these considerations, but it’s best to go into your divorce educated on what elements will come into play
The first financial factor to consider is your retirement. Generally, you can expect to see your retirement cut in half as retirement funds are considered a marital asset. This includes anything from investments accounts to pension.
While your kids may be adults, and even have their own families, they may still play a part in your divorce proceedings. While you likely won’t have to battle for things like custody or child support, you may be responsible for working out any financial support you were providing to your family with your spouse, especially considering your newly reduced funds.
In long-term marriages, alimony is generally granted for a longer period of time than in marriages that only lasted a decade or less. This is done, in part, so the spouse who has lower earnings or earning potential has the chance to get back on their feet. There is no limit or term of alimony exchange time-wise, so your alimony could be granted for life whether you’re on the paying or the receiving end.
Then there are always the physical assets to consider, things like your home, shared businesses, and any other properties. While women are generally the ones who fight to remain in their homes, the goal of your Raleigh lawyer is to ensure that everything equitably divided, so if one spouse gets the home or business, the other spouse will get equivalent assets whether physical or financial.
The Doyle Law Group is Here to Help You with Your Grey Divorce in NC
When you trust your divorce with the Doyle Law Group, you’re putting your confidence in very competent hands. Our Raleigh divorce lawyers and Raleigh family lawyers understand what it takes to successfully complete a divorce later in life and we will do everything we can to make the process as easy, clear, and stress-free as possible. Whether you’ve been married 10 years or 40 the divorce attorneys at The Doyle Law Group are here to help you.
To learn more about the divorce process, grey divorce, and to receive advice on your specific case, contact the Doyle Law Group today by calling (919) 301-8843 or by completing the form below.
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