Examining the True Cost of Late-Life Divorce

 Posted on October 05, 2017 in Divorce

Although the rate of divorce in America has declined across most age groups, later-life divorces have more than doubled over the last two decades. Relationship experts, financial advisors, religious leaders, and family law professionals all have their theories as to why this trend is occurring, but there seems to be one universal concern: the financial, emotional, physiological, and mental health of each party is at risk. Learn why, and discover how you may be able to mitigate against the potential risks during your divorce with help from the following information.

Money and the Late-Life Divorce

Being married to someone for a decade or two leads to the inevitable procurement of stuff – homes, vehicles, antiques, artwork, etc. – but it is often on a much larger scale than most divorces. Parties may have been married so long that they may not even agree on when certain assets were acquired (and they might not have receipts). All this means more legal fees for later-life divorcees. However, it is not just the cost of the divorce that is problematic.

Parties who are divorcing later in life may already be retired, or they may be nearing it with very little time to make up for any lost income in the divorce. Depending on their health and skill set, their options for making up income could also be limited to low-wage jobs or odd side jobs, and that does not make a full recovery likely. To make matters even worse, couples typically only plan for one retirement, not two – and now the nest egg must be split between them. As such, late-life divorcees are encouraged to plan their divorce ahead of time and to ensure they have legal and financial experts on their side, helping them through the process.

Health and the Late-Life Divorce

Financial implications of divorce are well-known, but the health of individuals – both mental and physiological – are less discussed topics. Unfortunately, this can be extremely dangerous in late-life divorces because there are many factors and situations that can impact their mental and physiological health. For example, some parties may lose their insurance in divorce. If they are ineligible for Medicaid or Medicare but have a serious physical or mental health condition, this loss could endanger their lives. Depression, an increased risk of heart attack, weight gain, loss of appetite, and other health issues that are commonly experienced during divorce may also have a greater impact on persons in the later-life divorce stage.

Contact Our Joliet Divorce Lawyers

If you are planning on filing for divorce and are nearing or in retirement, contact the Law Offices of Tedone and Morton, P.C. for assistance. Our dedicated Joliet divorce lawyers understand the challenges that later-life divorcees face, and we respond to their needs with compassion and creative solutions. Schedule your personalized consultation to see how we can assist with your case. Call 815-666-1285 today.

Source:

http://www.kiplinger.com/article/retirement/T065-C032-S014-the-true-cost-of-gray-divorce.html