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Calculating the cost of a gray divorce

Older couples in Georgia and other parts of the US might become part of a gray divorce epidemic. While the divorce rate has decreased for most demographics, gray divorces, or those for couples over 50, continue to increase. One of the concerning aspects of gray divorces is how high the cost of these can be.

Gray divorces tend to be more expensive because as couples get older and stay together longer, they also accumulate more assets that must be divided once a divorce is imminent. These assets can include investment and retirement accounts as well as the family home, and often these are also of high value. A divorce can then become a very expensive conflict, with some divorces costing as much as $200,000 for a joint estate worth $1.5 million.

One of the most contentious parts of gray divorces is the family home, particularly when one person wants to keep the home. This might result in the person giving up rights to other accounts and assets that seem, on paper, to be of equal worth. However, focusing on only keeping the home can backfire. This is because if that one asset is lost, then a person over 50 has more limited choices to recover financially and plan for a healthy retirement. Typically, those over 50 are closer to retirement, have usually reached their maximum earning potential and have more limited job options. Additionally, selling the home and splitting the profits can also be a problem since preparing to sell a home includes high expenses in repairs and inspections as well as other fees.

In order to prepare for a gray divorce, residents should first become aware of the exact worth of their assets as a way to plan for the future. They can also hire a lawyer to advise them about the options available to them when it comes to division of assets. The lawyer can also represent them in negotiations, even if those are amicable.

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