divorce and estate planning

The rise of the “Gray Divorce” – Things you should consider

“‘Til death do us part,” says the traditional wedding vows. However, we all know that it isn’t always that simple. More and more people are opting to get divorced at a mature age. In fact, of all of those who went through a divorce in 2009, 1 in 4 individuals was age 50 or older according to a paper written by two sociologists at Bowling Green State University. While the logistics and mechanics of so-called “gray divorce” are legally similar to that of a younger couple, there are usually special factors, most of them money-related, that need to be considered. First is the issue of alimony, sometimes called spousal support. Judges are, for multiple reasons, far more likely to grant alimony to the spouse whose current financial situation and earning potential is the weakest. Another issue is the length time alimony payments must be made. While a younger worker whose

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