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Tips for couples going through a grey divorce

Because the divorce rate for couples over 50 has doubled since the 1990s, a greater number of older Americans are experiencing divorce which can have a particularly negative impact on retirement plans. During 2015, 10 out of every 1,000 married individuals divorced and the number of grey divorces, or divorces over 50, was higher among those that were remarried.

As a result, it is important for couples going through a senior divorce to be familiar with the divorce process. When divorce takes place later in life, it can be more challenging to recover financially from the divorce. Property division is an important part of the divorce process for couples to understand which involves the splitting of assets and can double expenses which is why it can be a challenge for couples, especially those going through a grey divorce.

Tennessee follows equitable property division which means marital property will be split as fairly as possible but not necessarily in half. Understanding property division and prioritizing concerns and needs is essential for couples going through a grey divorce. Each spouse should also have a clear understanding of their financial picture and couples are encouraged to work together to reach a fair settlement, though the family law court is available to help if needed.

Couples going through a grey divorce have a number of important concerns to consider including alimony, Social Security and tax implications so it is useful for them to have a solid understanding of the divorce and property division processes. The goal of the divorce process is to help both spouses enjoy a positive financial future moving forward after the divorce which is why it provides tools and resources they should be familiar with to help them do just that.

Source: Chicago Tribune, "Gray divorce can have big financial impact," Eileen Ambrose, March 30, 2018

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