Studies out of the University of Minnesota are confirming that the divorce rate continues to climb. This uptick is especially dramatic among baby boomers. As this blog has contemplated numerous times, a so- called gray divorce can be difficult from a financial perspective.
When a couple starts to wind down their earning years and take stock of their retirement plans, it’s not exactly an ideal time to split. The couple has fewer working years to make up for the costs associated with a divorce and a once airtight plan now has to transition to an entirely new set of circumstances. Nevertheless, divorces generally don’t happen out of convenience.
While baby boomers may find it a bad time to split up, other couples also may be asking when a good time to split might be. Assuming such a luxury exists, potential divorcees may want to take into account several things before calling it quits.
If a couple owns a business, for example, a divorce could call ownership into question and result in a receiver taking control of the assets. This can be devastating if the company is going through a critical strategic period. As a result, some may choose to wait until a business is more stable.
Some spouses also wait until after a child graduates or a spouse gets a bonus. These minor things can make a difference in ironing out some of the details. Still, there is no perfect time to get a divorce. Discussing your options with a skilled family law attorney can help ease the apprehension about taking the plunge and when it might be right. Local St. Paul attorneys know the ins and outs of what a divorcee will face. Their experience will guide divorcees through the turmoil and lead them out to the other end.
Source: The Wall Street Journal Market Watch, “When’s the worst time to get a divorce,” Quentin Fottrell, May 24, 2014