Unfortunately, divorce rates in the United States and elsewhere are on the rise. For couples over 50, the divorce rate is dramatically higher than ever before. These divorces are termed "gray divorces". Couples over 50 that are divorcing face a different set of challenges than younger couples. Today's blog post will address some of the common challenges of a gray divorce.
Typically, an older couple will have accumulated more assets than their younger counterparts. If the estate is large, with significant retirement benefits, securities, real estate and valuable personal items, the process is more involved due to the necessity of valuing and dividing these assets. Divorce among seniors can also impact the Social Security benefits.
Because the assets are divided between the spouses, retirement planning often has to be dramatically altered. Spouses must consider the high cost of finding new housing, possibly re-entering the work-force and replacing assets lost in the divorce.
Medical costs are also increasing in the United States. A divorce often results in one spouse losing eligibility for continued health insurance coverage on the spouse's plan, causing the need to find and purchase new health insurance.
Older couples in a divorce usually don't have minor children, so custody, visitation and child support issues don't exist. However, it is important for the divorcing couple to maintain a civil and positive relationship toward each other, for the benefit of their children and grandchildren.
If you can't work out your marriage problems and are contemplating a divorce, you don't have to go through the journey alone. Individuals need quality advice and representation to accomplish an equitable division of property. Christiansen Law Firm partners with individuals involved in divorce to accomplish favorable outcomes. The family law attorneys of Christiansen Law Firm have extensive experience in divorce matters, and can help you quickly move forward with life after divorce. Contact the offices of Christiansen Law Firm in Houston or San Antonio to schedule a free consultation.