Over the past couple of decades, Georgia and the rest of America have seen more divorces among people aged 50 and above. Termed gray divorce, this experience can be financially devastating for some people. The impact of a divorce at the age of 50 or 60 can be more severe from a financial perspective than a divorce at the age of 30 or even 40. If you are among the people considering a divorce later in life, it is important that you evaluate your situation carefully.
Forbes explains that in most divorces, spouses must split assets and debts. Many times, some of the assets that are split include retirement savings. Additionally, the cost of living on one’s own is generally greater than the cost of living with another person. Put that all together and the prospects for funding an impending retirement may look a lot bleaker than before a divorce.
Logistically you will have less time ahead of you to recoup any retirement savings than you would have if you had gotten divorced at a younger age. You may even need to consider working for a few years more than you had originally planned. If you took time away from work to raise your kids, your earning power today may be less than what it could have been. You’ll want this factored into your divorce settlement.
If you would like to learn more about gray divorce and your future financial health after a divorce, please feel free to visit the marital estate split page of our Georgia family law website.