While age still does appear to confer a measure of security for marriages in Kentucky, there is an upward trend of divorces during the senior years. So-called gray divorces are less likely to result in the family legal issues common among younger marriages, such as custody and visitation, but these splits often have serious consequences on finances. Gray divorces show a stronger statistical correlation to marriage history and retirement security than any other factor, according to studies.
In one study, the authors reported that remarried spouses are more than twice as likely to get divorced. The other significant data point to emerge was that couples who owned property together or had assets in excess of $250,000 were less likely to go through a gray divorce. Though high-asset divorce is less likely, concerns over the family law issues of alimony and property division are just as serious.
Despite the uptrend in the senior divorce rate, couples over 50 are still getting divorced significantly less than their younger counterparts. However, emerging data suggest that this may be changing.
For Kentucky spouses facing a divorce in their 50s and beyond, concerns over finances and impending retirement can be terrifying. This is especially true if one spouse has generally been in charge of retirement accounts and budgeting. A family law attorney can help a client gather information about assets and understand their full financial picture. This is partly to plan for upcoming negotiations and possible litigation, but it is also helpful in planning a course of action for the rest of one’s life.