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Gray divorce may have greater financial impacts in New York

The older New York residents get, the more they likely contemplate what they will do with the rest of their lives. Because individuals over the age of 50 often begin to view life as more finite, they tend to begin to assess their lives and determine what changes could be made to help them achieve greater happiness. For some, divorce is the answer.

Many people already know that gray divorce has become significantly more common. Though ending a marriage at an older age may seem like a newer and different idea than divorcing while younger, it has many of the same issues that divorce cases for younger individuals may face. There is likely to be some emotional upset, questioning, decisions regarding living arrangements and assessment of financial impacts.

Financial impacts may have a greater effect in a gray divorce. Because many older parties are getting ready to retire, handling legal fees and property division could cause them to have to rethink their retirement plans. Therefore, individuals may wish to ensure that they understand how their retirement accounts may be affected and what other settlement decisions could have the most impacts on their lives.

Staying in a relationship that no longer has any true drive can cause many people to feel underwhelmed by life. For older New York residents looking to create a change that could lead to their increased enjoyment of life, gaining information on divorce may prove beneficial. Concerned parties may want to discuss issues of gray divorce with experienced legal counsel who could provide specific insight into particular circumstances.

Source: CNBC, "A costly 'gray divorce' can upend your retirement plans", Tim Sobolewski, June 21, 2017

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