Older spouses in North Carolina considering divorce may be concerned about the financial impacts of ending a marriage. More Americans are divorcing at older ages than in the past. While the divorce rate has flattened out or even declined across all demographic groups, the opposite is true for people age 50 and older. Their divorce rate has doubled since the 1990s, a trend that shows no sign of stopping. While people in second or third marriages or those who have been married for a shorter period are at a higher risk of divorce, the “gray divorce” trend has also affected couples who have been married for decades.
A long marriage often means tightly combined financial assets and a view toward retirement based on joint funds. Of course, it is always more costly to support two households out of the same funds that were meant to support one. In addition, when people divorce later in life, they may have less time to compensate for the substantial difference in their retirement funds. With close attention to financial planning, however, older Americans can emerge successfully from this difficult period.
In the first place, it is important for people choosing to divorce to act in a financially prudent way. Some people may start spending money after the divorce on singles activities or purchase a new home that is too big for one person. By avoiding these decisions, an ex can help to ensure their financial well-being for years to come.
A divorce is a legal process, so it can be important to have all key documents, like insurance policies, tax returns and investment statements, in hand. A family law attorney could help a divorcing spouse safeguard key assets and obtain a responsible settlement during the property division process.