${site.data.firmName}${SEMFirmNameAlt}
Phone: 303-731-6227
Toll Free: 866-604-2791

Financial considerations for older couples going through divorce

People in Colorado who are older than 65 and considering a divorce may be dealing with more than just the emotional issues involved. For example, the American Association of Retired Persons reports that ending a marriage at that age will affect someone's needs for financial assistance through programs such as Medicare and Social Security.

A recent report from Bowling Green State University supports that statement. In a study, researchers studied "gray divorce," or divorce among older Americans. According to the findings, people going through separations later in life are more likely than younger divorcing couples to encounter financial problems. Researchers report the following: 

  • People going through a gray divorce have half the wealth of their peers who are widowed.
  • Older Americans in these situations average just 20 percent of the finances of married peers.
  • The risk of becoming impoverished increases when people go through a gray divorce.

Under Colorado law, people may qualify for either short- or long-term spousal maintenance payments. The longer a couple was married, the longer a spouse may be ordered to pay the other support. While these are largely viewed as rehabilitative payments, they can help people get back on their feet following a gray divorce.

Experts recommend that anyone going through divorce at any age should consult financial professionals. For example, Bankrate.com points out that tax and business specialists may be helpful for couples ending their marriages. Going to battle for assets such as Social Security retirement accounts, traditional retirement accounts and pension may be time-consuming but can be worth it.

No Comments

Leave a comment
Comment Information
Email Us For a Response

Contact us now to set up a case evaluation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Brand Footer

Centennial Office
6898 South University Blvd., Suite 110
Centennial, CO 80122

Toll Free: 866-604-2791
Phone: 303-731-6227
Fax: 303-648-5874
Centennial Law Office Map

Denver Office
44 Cook St.
#100
Denver, CO 80206

Map & Directions

Boulder Office
4450 Arapahoe Ave.
Suite 100
Boulder, CO 80303

Map & Directions

Toll Free: 866-604-2791
Phone: 303-731-6227
Fax: 303-648-5874