As life expectancies continues to rise, more and more retirement-aged Americans are finding themselves dissatisfied with their long-term marriages. As a result, so-called gray divorce is spiking, with one in four divorces happening between individuals over 50. Since 1990, the gray divorce rate in Connecticut and the rest of the country has actually doubled. This can spell problems for both parties involved.
The most obvious representation of these problems is retirement savings. In Connecticut, which is an equitable distribution state, a nest egg like retirement savings is divided by the court in the fairest way possible, taking into account each individual’s needs and contributions. However, it is still likely that one individual’s retirement savings will be considerably less than what the total was together.
This is true of all accrued assets throughout a marriage. If it is marital property, it is expected to be divided by the court. This can be problematic for couples who have been together for many years, who must now see their standard of living change, sometimes dramatically, as pensions and other savings are split more or less down the middle. Thankfully, support exists for Connecticut residents looking to dissolve their marriages.
Even for those who have been together for decades, sometimes a marriage reaches its logical end well before either party is at the end of their lives. This is why it is so beneficial for Connecticut residents to seek the support of a qualified attorney to help guide them through the divorce process. With this support, even gray divorcees can move on and enjoy the rest of their lives and the fruits of their years of saving and planning.
Source: The Washington Post, “Gray divorce can drag both parties into the red”, Rodney Brooks, April 8, 2016