When it comes to divorce, there are advantages and disadvantages to ending one’s marriage. These will be different for everyone, depending on one’s station in life. For couples in Michigan who are dissolving their marriages, a divorce law attorney can help make the disadvantages easier to handle.
The biggest advantage of divorce is that, when all is said and done, both parties can move past a relationship that is no longer something that they desire. Disadvantages, on the other hand, are different for younger couples than older couples. For example, for those with children, figuring out what is best for them while they are still young and living at home can be a burden. On the other hand, those going through a late-in-life divorce may find that the financial effects are the biggest disadvantage.
Gray divorces, or the filing for divorce while in one’s 50’s or older, has seen a significant increase since 1990. It is believed that this is because spending retirement years in an unhappy marriage is simply undesirable. There is nothing wrong with that.
The problem with divorcing near or while in one’s retirement years, is that it can do quite a bit of financial damage to one’s nest egg. It can be hard to recover so late in the game. For this reason alone, the property division settlement must be meticulously planned in order to do as little damage as possible.
Couples in Michigan who are seeking to end their marriages later in life can seek assistance as they figure out the best way to divide assets. A divorce law attorney and financial advisor, among other professionals, will be able to provide guidance during this difficult time. With the right people at one’s side, achieving a fair and balanced settlement is a possibility.
Source: finance.yahoo.com, “Gray Divorce: The Financial Challenges and Opportunities“, Maryalene LaPonsie, April 20, 2017
