Baby boomers are having some second thoughts about the whole "till death do us part" thing. Instead of waiting for someone to land in a coffin to go their separate ways, they're going to the courthouse.
Longer lives have married people wondering whether they actually want to spend their now-extended golden years with some not-so-golden feelings about the person next to them. A growing number of people over 50 — especially those over 65 — are deciding that they don't.
The face of divorce has a lot more wrinkles and gray hair than it used to, and that brings with it a fresh set of financial calculations and complications. The challenge isn't just what to do with the kids and the house. It's dividing up retirement savings that were supposed to support one household, rewriting wills and trusts, and overhauling estate plans. It's also digging up 25-year-old paperwork and worrying about what happens to your inheritance if your 70-year-old Dad dives into marriage No. 2.
For families, a late-in-life split can be a financial quagmire. As the US enters the largest intergenerational wealth transfer in history, gray divorce may quietly reroute trillions of dollars and reshape the retirement many people have envisioned.
Selected excerpt(s) and linked article courtesy of Emily Stewart, Business Insider
Royalty-free photo courtesy of Google’s Gemini
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