Mike Palmer in Kiplinger: Are You Getting a Gray Divorce?
A 2022 study from the Journal of Gerontology found that 36% of divorces were among people 50 and older. Examining the impact of that increase, an Allianz Life study found that 40% of married Americans who went through a divorce said it derailed their financial retirement strategy.
A 2022 study from the Journal of Gerontology found that 36% of divorces were among people 50 and older. Examining the impact of that increase, an Allianz Life study found that 40% of married Americans who went through a divorce said it derailed their financial retirement strategy.
The emotional and financial impact of a “gray divorce” can be overwhelming. Beyond the emotional strain, managing your finances is critical.
What Should You Do If You Are Facing a Gray Divorce?
Ark Royal's founder Mike Palmer writes a monthly column for Kiplinger and shares his perspective and expertise in this article (Are You Getting a Gray Divorce? These Six Financial Strategies Come From a Financial Planner). In it, Mike outlines some key areas where couples need to be especially careful:
Equitable Division of Assets
Retirement Accounts
Selling a Home
Social Security
Tax Consequences
Spousal Support
Should You Hire an Attorney If You Divorce?
The stakes are higher when older couples divorce - they typically have more assets and less time to rebuild net worth. Hiring a team of experienced professionals, including a family law attorney, a financial advisor experienced in divorce issues, and a tax professional canhelp make this challenging time a little less stressful and help avoid making an expensive mistake.
At Ark Royal Wealth Management we've helped numerous single women navigate the complexities of life without a spouse. Give us a call if you'd like to learn how we can help you!
