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Posted on in Divorce

Kane County divorce attorneysAlthough the general population usually thinks of retirement as something that married couples will enjoy together, research shows that many retirement-age couples are splitting up. Nicknamed “gray divorce,” divorce over age 50 has doubled in frequency since the 1990s. Older couples split up for a variety of reasons. Sometimes the stresses of finances and taking care of the house get the better of a couple, other times, infidelity ends the marriage, and sometimes, a couple simply does not wish to be married anymore.

Gray divorces like these are particularly complicated. When a couple in their 20s gets divorced, they are usually not as financially established as an older couple would be. Couples in their 50s and 60s often own their home and vehicles and have more valuable assets. One of the biggest concerns for older individuals who divorce is how divorce will affect their retirement. If you are considering divorce, you should be aware of how divorce will affect your retirement and how to plan for these unexpected disturbances.

Dividing Retirement Accounts

Geneva family law attorney, grey divorce, retirement plans, baby boom generation, delay retirement, investment accounts, negotiating divorce settlements, divorce settlementsA new trend in divorce, referred to as “grey divorce,” is on the rise as the baby boom generation ages. Grey divorce applies to people who are 50 years of age or older who divorce. Besides the usual challenges that people who divorce deal with, grey divorce presents a whole new set of issues for people to face, especially financial ones.

A recent survey of 1,000 people, who have gone through a divorce after the age of 50, was conducted by Investors Group. Of those that participated in the survey, 80 percent said they will now have to delay their retirement. Sixty-two percent of participants noted that the funds they have left in their savings or investment accounts after the divorce will not be enough to live on after they retire. Other statistics revealed in the survey included:

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