On behalf of Stange Law Firm, PC posted in Property Division on Thursday, August 8, 2019.
Divorce can take an emotional and financial toll on people of all ages. Short-term and long-term marriages can both have tremendous ramifications when they end in divorce, which is why Midwesterners need to do everything they can to protect themselves and their well-being when marriage dissolution is on the horizon. While this often means surrounding one’s self with supportive friends and family, it also means knowing how to utilize divorce laws to one’s advantage.
This is of particular importance to individuals who are age 50 and older. These so-called gray divorces have doubled over the last 30 years or so, and the financial consequences for those involved are stark. According to some reports, these individuals face about a 50% loss of wealth upon divorce, which may make sense, but when coupled with significant income losses, these older individuals can face financial challenges. This is especially true for women in this age group who see their standard of living decrease by up to 45% compared to a 21% decrease for their male counterparts.
Although just about everyone suffers some sort of financial blow immediately after divorce, those who are 50 and older often struggle to recoup these losses. Simply put, they don’t have as much time to rebuild their wealth, especially individuals who forewent a career to raise a family. Although alimony may help, it might not fully repair the damage caused.
Although these statistics may seem bleak, they shouldn’t frighten Midwesterners into inaction. Instead, they should serve as a wakeup call that those who are facing divorce need to take the steps necessary to protect themselves throughout the property division process. This can be a challenging task when emotions run on high, but an experienced legal professional can often provide the aggressive advocacy needed to reach a fair resolution.