The Cost of Divorce at an Older Age
In general, the longer you have been together as a married couple, the more assets you have collected and the more expensive and drawn-out the divorce process will be. In addition, recovering financially from your divorce before your retirement can be more difficult, considering how close you are to your retirement age.
According to Pew Research, the divorce rate for American adults age 50 and older has doubled since the 1990s — a trend many are calling the “gray divorce epidemic.” Numerous studies have been conducted to determine the underlying cause, but the result is usually an expensive process that requires the people going through it to protect their financial interests.
Why are ‘gray divorces’ so expensive?
The price of a divorce attorney varies widely, but this is just one of the prices you’ll need to consider. You will likely lose a lot of money in assets, as your spouse is entitled to an equitable share of the property. Note that equitable is not necessarily equal; if you make significantly more money than your spouse, you will likely come away from the divorce with much less money or property awarded to you.
Additionally, after you have reached 50, you have likely maximized your earning potential, put a significant amount of money into your retirement account(s) and have somewhat limited employment opportunities. This means the potential future costs of getting divorced are much higher than those for people in their 20s or 30s.
To that end, it’s extremely important to work with a skilled attorney as you work through your divorce to ensure you are taking all necessary steps to protect yourself financially. To learn more about your options, speak with an experienced Long Island divorce lawyer at Bryan L. Salamone & Associates.