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Retirement issues can be problematic in a gray divorce

Coloradans who are older and decide that their marriage is no longer working and they would like to move on have a multitude of concerns. While younger people will likely face custody, support and other issues related to children, a so-called "gray divorce" will have different factors to consider such as division of assets and retirement accounts. For people who are older, it is important to know what must be a priority with a gray divorce.

In the past 25 years, the divorce rate for those 50 and older has risen by more than 100 percent. Regardless of the reason - a lack of satisfaction, children having grown up and moved away, finances - changes to society have made it more acceptable and viable for older people to move on. There are key factors that they should consider and these are unique to their situation. That includes assets, the costs of a new residence and living alone.

Assets are a common worry because the amount the couple has is beginning to decline as they are using it to fund their retirement or are preparing to do so. Some people want to continue working for as long as they can, but others do not. When gauging the assets and determining how to split them, it can be problematic. Because there might be more assets with an older couple, disputes about who gets what can be more contentious. One of the biggest assets is the marital home and who gets to retain it or if it should be sold. The retirement accounts, bank accounts and more are also a topic for dispute. Understanding sale prices, the right time to sell, possible penalties for an early withdrawal of a retirement account - all must be weighed.

Living alone is not cheap and when the couple was together for an extended period, the costs could be stunning. In many marriages, one spouse handled the finances and the other was unaware of the details. That can be a worry when the spouse who did not handle the money is suddenly tasked with doing so for him or herself. Health costs, motor vehicle insurance, living expenses and how to decide what living arrangements are preferable must all be considered.

Any person, no matter their age and situation, needs legal advice when getting a divorce. For older people, their life experience might spur them to avoid getting the help they need. This is a mistake. With a gray divorce, it is as important if not more important to have legal help. A law firm that has helped many people with a gray divorce should be called for guidance in a case.

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Mary Kay Kramer, P.C.
1820 West Colorado Avenue
Colorado Springs, CO 80904

Phone: 719-362-5113
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