While no divorce offers security, grey divorces are especially costly in terms of more than just money. Understanding the risks involved helps clients and their attorneys make wise decisions for the future.
Grey divorce is a term used for couples typically around retirement age and beyond, meaning couples have fewer years to recoup from the loss of assets after a divorce. A grey divorce offers challenges younger couples don’t face: While younger divorced couples have almost half a lifetime to fix their credit, build up their retirement, and purchase property after divorce, people close to retirement age have fewer opportunities to gain stability in these areas.
During the emotion and stress of a divorce, it can be tempting to give up ground to a spouse out of love or fatigue. Couples falling into this “grey” category need to be selfish in respect to assets because their future security is a high priority. Divorcing couples may also have children and inheritances to consider as well. Dividing assets in an equitable manner is essential in a grey divorce.
At Hickey & Hull Law Partners, our priority is to find the best solutions for our clients and their situations. Call, email, or text us today to talk to us about your divorce. It’s about to get better. We’re here to help.