More and more people are making the decision to divorce in their senior years. “Silver divorce” or “gray divorce” as senior divorce is very often referred to, is a rapidly spreading phenomenon, and divorce attorneys in Colorado have noticed an increase in the number of seniors coming in for divorce advice.
Divorce is a traumatic event at any age, but in the case of senior couples, there may be a critical need to be even more cautious, especially regarding financial and other arrangements. For example, if you are the only earning spouse, or the higher-earning spouse, it is very likely that you may have to pay alimony to your spouse. When a marriage has lasted decades, it is very likely that courts will take into consideration the inability of the other spouse to earn a living that will help maintain the lifestyle that he or she was used to for so many years.
Also remember that you may lose a significant portion of your retirement funds. Retirement funds are often split evenly in the case of a senior divorce. Talk to your attorney about whether you can adjust increased alimony payments to retain a greater portion of your retirement funds.
You may also need other types of services, like emotional and psychological counseling to help deal with the aftermath of the divorce. Seniors may have smaller social circles, and may not have the kind of social and emotional support that younger people may have. Older adult children may not want to take sides, or may have their own families and may not have the time to be emotional anchors for their parents during this time.
If you are a senior considering divorce, protect your interests. Speak to a Colorado divorce lawyer today.