Our readers in Michigan probably know that if they are facing a divorce they could be in for a difficult, emotional process. Sure, there are some divorces that are amicable and can be settled relatively easily – but that is likely the exception, not the rule. For most people, issues such as property and debt division, alimony and child custody and support are complicated issues with no clear answers. For older people, the difficulties can sometimes be even greater.
In fact, a recent news article reported on the financial complications of gray divorce in America, and particular for women. For those who don’t know, the term “gray” divorce typically refers to those who are 50 or older and who are going through a divorce. Our readers may think such situation are rare but, according to the recent article, the divorce rate for Americans in that age range has tripled since the 1990s.
Financial impact
The recent article referred to studies that show that income for women in the immediate years after a gray divorce declines much more sharply than it does for men. In fact, there is reportedly evidence that men may actually even end up earning more after a gray divorce. Various factors are involved, including: how long each spouse actually worked throughout their lives; savings; Social Security benefits; and even wage gaps between the genders, among other factors.
The decision to pursue a divorce is usually a difficult one for Michigan residents. No matter what your age, if you are contemplating a divorce be sure to get the right information about how the process might impact your life, both in the short-term and long-term.