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Why gray divorce comes with a heavy cost for some

On Behalf of | Oct 3, 2017 | Divorce

There are many costs associated with getting divorced regardless of a Minnesota couple’s age. However, it may be harder for those who are 50 and over to recover from the end of their marriage. For many people in that age group, it may be harder to increase their earning potential or find meaningful employment. On average, a divorce can cost between $25,000 and $50,000 if the split is amicable.

In one scenario, a couple spent over $200,000 in legal fees involving a $1.5 million estate. Although older couples generally don’t have children, they often need as much as they can out of a divorce to maintain their standard of living. Therefore, it may take longer to end their marriages, and that can lead to higher legal fees. In some cases, emotion can lead a person to make what turn out to be poor choices.

One woman decided to keep a marital home that had $1.6 million in equity. However, a health crisis forced her to retire just as the financial crash took place in 2008. Alternatively, selling a home may come with its own costs, which may be as high as 6 to 7 percent of the home’s value. Afterward, an individual may need to buy or rent while contending with today’s higher prices.

having the assistance of an attorney may make it easier for a person to control his or her emotions during the divorce process. Legal counsel may be able to suggest ways to resolve the matter in a timely yet potentially favorable manner. For instance, an attorney may point out that keeping a retirement account over a marital home may make better financial sense.

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