Any divorce can be challenging and the unknowns about the future can be hard to overcome. One type of divorce making news comes with its own set of challenges for one party more than the other. A gray divorce, a divorce that involves couples in Virginia who have been married for more than 30 years, is one example of a split that poses unique obstacles, typically for the woman involved.
For couples who are of a certain generation and married for over 30 years, it is not atypical for the woman to have stayed at home most of, if not the entire, marriage. This simply means that this party may be completely unaware and unprepared to handle a financial life outside of the marriage. In fact, the person in this position for decades may not even have known what the financial reality of the marriage is.
There are several specific areas of concern that may be difficult for the party who did not handle the finances. One example is investments. Not knowing what investments exists can put that party at a disadvantage from the start of the split. Also, that person may be unsure how to invest money she, or possibly he, may get after the divorce.
Because one party may be out of the loop or unprepared to handle finances, paying bills and budgeting, it is important to have assistance. Legal counsel coupled with financial advice can help that person feel more secure in the future and more prepared to move forward after a divorce. With more information and resources than what may be needed for younger Virginia residents going through a divorce, older gray divorce participants can ensure a fair and timely outcome.
Source: CBS Philly, “Easing Financial Fears During Gray Divorce“, John McDevitt, Dec. 26, 2015