A November 2014 USA Today article explored the increasing trend of “gray divorces” or married couples in their 50s and older choosing to part ways. According to the National Center for Family and Marriage Research at Bowling Green University, the rate for divorce among adults ages 50 and older doubled between 1990 and 2010. This data fleshes out the fact that Baby Boomers are far more likely than their parents to choose to end their marriages, perhaps deciding being happy is more important than maintaining the status quo in a failed marriage. Though the option of a “gray marriage” can be liberating in many ways, it can lead to monetary complications younger divorcees likely don’t experience due to more money on the line and less time to rebuild financial nest eggs. The following are some tips in making an equitable decision by protecting your financial interests during a later in life divorce.
Identify All Assets And Debts
It’s just a reality that the divorce process becomes more complex with several decades of accumulated assets and debts factored in. To begin the process of dividing your marital financial estate, you need to identify everything owned and owed leaving no stone unturned. This means locating every bank account, retirement fund, investment account, insurance policy, etc. Your search should be exhaustive and should include accounts for jointly held assets or debts as well as those that are separately maintained.
It’s Important To Factor In Healthcare Costs
When twenty or thirty something couples divorce, maintaining health insurance is seldom a major part of the divorce process. However, for couples in their fifties or sixties, this can be a crucial issue. When one spouse is covered under the other spouse’s insurance plan, it can be extremely difficult shopping around for new coverage later in life that is on par from a cost standpoint with existing coverage, specifically if the spouse seeking new coverage has a preexisting condition. Any new costs associated with obtaining new healthcare should be a part of your strategy when assessing the overall cost of the divorce.
With decades of assets and debt to sort through, it can certainly seem overwhelming for couples considering divorce later in life. The best advice is to seek the services of an experienced, competent family law attorney who can guide you through an equitable plan. Contact Donna Wagner for a free consultation.
Real-life results
See what happy clients are saying about me.
“I spoke with several attorneys and from the moment I spoke with Donna I knew she was the person I wanted to hire for a child custody case.
From the very first interaction she was enthusiastic, friendly, and honest. She asked a lot of questions to get to know the case well. I was so impressed with how thorough and thoughtful she was throughout the entire process, explaining every step along the way.
Donna was great at staying in contact and kept me updated as everything progressed. She was affordable and very fair in her billing. If ever another situation is to arise in which I’m requiring legal assistance and representation she will be the first I call.
Due to Donna’s persistence I was able to come out ahead with more than I had ever hoped for when I first brought her my case. She helped me to see and understand things about my situation that would have never occurred to me on my own.
This woman has so much integrity! I’m so grateful for all of her help during a nerve wracking time. She was incredibly personable. I highly recommend Donna Wagner for your legal needs.
Best decision I ever made in the midst of a divorce, from someone who asked for the divorce, was to hire Donna Wagner. I was facing an attorney who was representing my spouse, thinking all I had to do was sign the papers. No, they were attempting to get money out of me. Keep in mind we didn’t have any kids. Anyhow, Donna came in and shut it all down. I was due in court in a week and she got that continued. After going back and forth with the opposing attorney, Donna was able to not only get them to settle the case without going to court but have everything ruled in my favor. I am finally divorced and can breathe easy. Thank you Donna Wagner!
Donna provided such expertise during my case with her. She was always responsive, knowledgeable and professional, while also being compassionate to my situation. I cannot recommend her enough!
I know for certain that If I am needing an attorney again in the future, I will be using Donna Wagner. There are so many great things to say about Donna. However, I believe what I appreciated most was how Donna handles special situations, and I assure you, my circumstances were just that! Donna was very thorough during my entire case. She was able to address my unique case but also do so with legal basis even though the courts may not always allow for such situations. Donna was very thorough each step of the way and was certain to not leave any stone un-turned. One thing I really liked about Donna was her fire. When situations arose, she can be more than passionate about her job and serving justice to those who deserve it. I also want Donna’s clients to know that she was very timely with me in her communications with me. Whether by email or phone, she was always just a call or a message away. When being in a legal situation, I know from previous experience, being able to reach your attorney means everything. I am more than pleased with the results that I recieved from Donna Wagner, and I assure you my case turned out better than I had imagined and even for a fair price. Donna Wagner rocks!
I know for certain that If I am needing an attorney again in the future, I will be using Donna Wagner. There are so many great things to say about Donna. However, I believe what I appreciated most was how Donna handles special situations, and I assure you, my circumstances were just that! Donna was very thorough during my entire case. She was able to address my unique case but also do so with legal basis even though the courts may not always allow for such situations. Donna was very thorough each step of the way and was certain to not leave any stone un-turned. One thing I really liked about Donna was her fire. When situations arose, she can be more than passionate about her job and serving justice to those who deserve it. I also want Donna’s clients to know that she was very timely with me in her communications with me. Whether by email or phone, she was always just a call or a message away. When being in a legal situation, I know from previous experience, being able to reach your attorney means everything. I am more than pleased with the results that I recieved from Donna Wagner, and I assure you my case turned out better than I had imagined and even for a fair price. Donna Wagner rocks!
I obtained Mrs. Donna Wagner’s services in 2012 to help with my charge of driving under the influence. I first called several other attorneys, but none of them were willing to listen to my case. Mrs. Wagner not only took the time to listen but went out of her way to be sensitive to my issues, respond quickly to my questions, and help me understand this unfamiliar process. It was clear to me from the beginning that she knew the system well and was very thorough in her exploration into my case. With her experience and knowledge of the Mt. Juiliet court system, combined with her adept use of the evidence at hand, she was able to get my charges significantly reduced. I could not be more happy with my choice of attorney. I am certain that I would not have had such a successful outcome without her guidance and skill.
