Divorce rates in the United States are declining – except for people over 50. Twenty years ago, just one in 10 spouses who split was age 50 or older; today, it is one in four. As people live longer, they have more opportunities to grow – and grow apart. As the kids grow up and move out, the glue that holds many marriages together dissolves. With more women working and becoming financially independent, with some of them out-earning their spouses, there is no longer a financial imperative for women and couples to stay in a bad relationship. In addition to the society constantly changing, there’s less stigma attached to ending a marriage and living single or as a single parent.
Attorney Norton has extensive experience working with and counseling clients who have been in long-term marriages or are over the age of 50 and now find themselves either contemplating divorce or actually involved in divorce proceedings. Attorney Norton understands that divorce can have a devastating impact on individuals who are over the age of 50 and or ending a long term marriage. In many instances, it can be financially and emotionally crippling for these individuals who in most instances have invested the better part of their entire adult lives in a marriage that is now failing. As might be expected there are unique issues related to divorces involving long term marriage or individuals that are over the age of 50 that clients need to be aware of. Attorney Norton understands these issues and that the financial ramifications for couples in this demographic can be devastating. It is no secret that the cost of living is considerably higher, sometimes 40 to 50 percent higher, for couples that are now living apart as opposed to when they were living together. When you factor in the earning disparities which may exist between the parties it can be even more challenging for the lower paid spouse. Attorney Norton explains in a straightforward way to clients the different issues that are usually associated with this type of divorce. These can and usually include matters related to alimony, establishment of child support for minors and or unemancipated adult children, equitable division of assets including retirement accounts and business interests, division of property, valuation of property and assets, payment of medical insurance premiums, payment of life insurance premiums, and payment of college-related expenses for adult children. Because of his experience, Attorney Norton understands these issues and how to best resolve them for his clients so as to best achieve each client’s specific individual goals.
Issues by Gender
Attorney Norton understands money concerns can and usually are magnified exponentially for both men and women who may be divorcing after a long term marriage. For women, current and future earning disparities between a parent who has been the traditional wage earner and the other parent that may have put their career path on hold to raise the couple’s family is usually the predominant issue in these types of cases. According to U.S. Government statistics, household income drops by about 25 percent for men – and more than 40 percent for women, after a divorce. What’s more, as women’s life expectancy climbs into the 90s, a divorced woman can find herself living a lot longer with a lot less. These are only some of the issues that women in this type of situation need to be cognizant of when ending a long term marriage. Attorney Norton understands these issues and how to best protect clients in this type of situation.
For males, who traditionally are the primary wage earner, significant financial issues usually exist when divorcing after long-term marriages. Late life splits can shatter retirement plans. There is less time to recoup losses, pay off debt and weather stock market gyrations. In addition, the breadwinner in a long term marriage that is now failing may be approaching or past peak earning years so there is less of a chance to make up financial shortfalls with a steady income. These are only some of the issues that need to be examined closely for the traditional breadwinners of long term marriages that may now be failing.
Attorney Norton understands these issues and how they impact both spouses. Regardless of what spouse he may be representing, Attorney Norton is committed to protecting and promoting the best interests and goals of each individual client.
Call a Professional for help in your “Gray Divorce”
Parties that are divorcing after many years of marriage or after they have attained age 50 face many unique challenges related to the dissolution of that marriage. Attorney Norton has many years of experience in advising clients in this type of situation. Attorney Norton can and will realistically evaluate your case and develop a plan to realize your best interests and goals. Attorney Andrew H. P. Norton to readily available to discuss with you the exclusive and unique challenges and options available to individuals involved in “Gray Divorces”.