Gray Divorce Research Papers

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Despite the fact that the divorce rate nationwide is at its lowest level recently, baby boomers are divorcing at a rate that is disturbing. For couples over 50 years old, the divorce rate has increased 2 fold over the last 2 decades, according to recent studies. This phenomenon is referred to as “gray divorce.” Couples involved in a gray divorce have just as much to worry about as younger couples and sometimes even more. It is a very big subject but we will focus on a few things that you might not have thought about before. Splitting incomes gets more complicated with age According to Nicholas J. Delgado, Principal of Dignitas an investment counseling company in Chicago, there are significant financial ramifications for senior divorce couples. For instance, their ability to make income has decreased or even stopped in some cases and they are living on fixed incomes such as pensions, Social Security, annuities and limited savings. Delgado mentioned that when a couple split their fixed income after a divorce, the individuals involved will not have enough income to live the lifestyle they have been used to. He said couples have to figure out their financial situation after the divorce and they should have a good understanding their sources of income and how they spend that income by producing an updated individual balance sheet. Once this has been sorted out, Delgado said the couple should consult with their legal and financial advisors to figure out the best way to proceed with the divorce Be practical about what a divorce entails Sheila Brennan, a divorce coach, has encountered numerous clients that have thought about divorce for years, maybe even decades before sharing how they really feel with their spouse and they might not have noticed some important details. Brennan said that if the individual who would rather get divorced hasn’t formed an objective picture of exactly what they own or owe, they could be in for a shock once the properties are dispersed. Several clients wish they had produced a detailed plan together with a practical financial picture before they brought up …show more content…
Once they cat is out of the bag, it’s hard to go back.” She suggests that the individual really considers their financial picture after the divorce and made up their mind to divorce financially, intellectually emotionally prior to sharing your feelings with your spouse. Managing taxes “Marriage is about love. Divorce is about money.” is the slogan on Rosemary Frank’s website. The Certified Divorce Financial Analyst is very skeptical when it comes to taxes. If you file singly, you are bumped into a higher tax bracket, even though your income level is lower than if you filed jointly. Ms. Frank states that's the law and there isn't any way around it. Steve Sexton, President of the Sexton Advisory Group points out that the intertwined retirement plans can be complicated. Couples who have been married for a long time might have built up significant savings and have a number of retirement plans and if a thorough analysis isn't done, one could easily overlook some of the details and value hidden in the retirement …show more content…
They are supposed to protect the individuals from paying taxes when the assets are transferred from one person to the next. Sexton stated that the QDRO has to be crafted properly or the couple might incur unnecessary tax

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