There is a rising trend in divorce in Pennsylvania and across the country, and that trend comes with unique challenges for one party compared to another. The trend is called gray divorce. This is when a couple splits after 30 or more years of marriage. While any divorce can involve complicated financial issues, a gray divorce is putting women who spent decades as a stay-at-home mom and wife at a severe disadvantage.
For a woman who was not a breadwinner at all, it may be scary to even think about the financial issues a divorce may raise. For instance, this party may be unaware of investments, such as stocks and bonds, and this unawareness could lead to disastrous investment decisions. It could also lead to an unfair property division or alimony agreement.
For the person who may have not had a hand in the finances, the variables and unknowns of understanding the couple’s finances can pose a daunting challenge. However, it is essential for that person to gain outside assistance throughout the divorce process. Retaining legal counsel familiar with the challenges of a gray divorce and consulting with financial advisers can help take the mystery out of uncovering assets and making financial decisions.
Each divorce in Pennsylvania may pose obstacles for one party who may have chosen to be out of the loop or one who was intentionally left in the dark. A gray divorce typically involves a generation of older adults who were simply more accustomed to relying on one party to handle or maintain the finances. With the correct guidance and a better understanding of what is at stake, anyone in the midst of a gray divorce can feel more confident and secure in his or her financial future as this new stage of life unfolds.
Source: CBS Philly, “Easing Financial Fears During Gray Divorce“, John McDevitt, Dec. 26, 2015