Gray divorces are taking up a lot of space in family court. The pandemic months have seen a decrease in the percentage of divorces year over year. But when you break down the yearly number, there was an increase in filings for older aged couples seeking divorce than ever before. There was a more than 50% increase from the previous year. Divorcing later in life is a challenge that presents different difficulties than those faced by younger couples.
Most couples seeking later life divorces are in their late 50s and early 60s. They are either rounding out their retirement accounts and winding down. When coming to the end of one’s working years, financial stability and the ability to understand and manage monthly expenditures is a leading topic of concern. Spending large percentages of your savings or assets can force you to hold off on a planned retirement, or it could impact your finances in such a dramatic way, retirement may be impossible. Choosing a litigated divorce can mean heavy spending.
Not all divorces look the same when the financial requirements are put into dollars and cents. When choosing between a collaborative, litigated, or mediated divorce, you can expect to spend on average:
For couples locked in contentious litigated divorces, you could end up spending as much as $200,000 for long-term divorces. If you are on a fixed retirement income, the thought of churning through your retirement accounts to fund a divorce can be a bitter pill to swallow.
Your divorce will take some time, and that’s normal, but it can be stalled by arguments and the general conflict associated with divorce. When you are preparing to retire and finally start doing the things you’ve always wanted to do with your time but were at work. One of the factors that make divorces more expensive is how drawn out and long the process can be when the divorce is contested or conflictual.
Just like with the money, not all divorces look the same when you put the hours and minutes into perspective. When choosing between a collaborative, litigated, or mediated divorce, you can expect the process to take:
A later in life divorce needs to be treated like the life-changing moment it is. Our divorce attorneys can help you create a plan and address the issues you find most concerning. The law team at Cianci Law, PC, works with you to create a plan that protects your interest and provides safeguards to bring you peace of mind. If you are interested in alternative dispute resolution, we can help you and your spouse work together to formulate a strategy for your divorce regardless of your age. If you’re unsure which route to take or the best strategy for your situation, our attorneys are available for a consultation to review the specifics of your case. Call us today at (916) 797-1575 to schedule a consultation, or you can use our online contact form to request more information.
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