Reports indicate that the percentage of Maryland couples seeking divorce is on the decline. While this is true overall, the percentage of couples seeking what is often referred to as a gray divorce is on the rise. In fact, the number of individuals in this age demographic has almost doubled in the past 20 years.
As with almost all divorces, the process of untangling joint assets and property can be challenging. Who gets the house, who will pay which bill and how should other assets be divided will need to be decided. However, for those considered to be a part of the gray divorce group, these challenges can present a variety of additional challenges.
In many instances, these couples are either planning to retire soon or have already retired. Now, instead of their nest egg providing for one household, it will need to provide for two. Retirement accounts will most likely be divided between the two individuals. Social Security benefits are also a consideration. If the couple has been married for at least 10 years, it is possible for an individual to qualify to receive benefits based upon the ex-spouse’s work record, though this will not diminish the ex-spouse’s own benefits.
For those Maryland residents considering a gray divorce, there are steps they will want to take prior to the divorce to put themselves in the best financial position in the long term. The family home, alimony and retirement accounts are just a few of the financial issues that will need to be considered. Experienced legal counsel can assist the individual in deciding which assets are advantageous and which are not worth fighting over if it comes to that.
