In the last 30 years, the divorce rate in America has dropped in half, falling from 4.7 in 1990 to 2.3 in 2020. That’s the good news. The bad news? Over that exact same time, the divorce rate for those 50 and older has doubled, rising from 4.9 to 10.3. “Gray divorce”—as it’s known—has become more and more common among aging Baby Boomers. Let’s look at a few of the reasons for this unusual phenomenon, then focus on some of the unique challenges that gray divorce presents.   More Life, Less in Common: 100 years ago, Americans had a life expectancy just over 50. Today, men and women who live ..read more

When a couple separates, they separate—both emotionally and physically. Usually, one partner stays in the home where the couple lived, and the other partner moves to another house or apartment. When the couple has a child or children, the parent with physical custody often remains in the home to maintain as much continuity as possible for the children. It’s extremely common for one partner to move away, sometimes far away. Maybe housing is too expensive. Maybe they take a new job. Maybe they just want a fresh start. However, where they settle, when they move, and why they move, each has a mate ..read more

It’s hard to estimate what it will cost you to divorce. There are many factors at issue, from where you live to how much you own to whether you have children. Of course, the most significant variable is probably how agreeable or contentious you and your ex-partner are.  The filing fee for divorce in California is $435. From there—and depending on how contentious your spouse—sky’s the limit. According to Forbes, a traditional divorce might cost up to $100,000; a collaborative divorce—where both partners’ lawyers work toward a settlement—might cost between $15,000 and $50,000; and divorce m ..read more

During a marriage, couples can accumulate a lot of things, from useful kitchen appliances and linens received as wedding gifts to an expensive watch given as an anniversary present to your vehicles and home. One of the first questions when divorce arises is regarding separation of property: What do I get to keep? It’s not selfish – it’s natural to want to understand your financial standing as you move forward in the next phase of your life. Will you need to find a new place to live? Must you buy all new furniture? Every divorce settlement is unique. What you keep will depend on what you want ..read more

“Should auld acquaintance be forgot, and never brought to mind?” While most people associate these words with revelers ringing in a new year, if you’re in the midst of a divorce or separation, it might be an important question for your accountant.  The IRS puts a great deal of weight on December 31st. It considers a couple married for the entire tax year if they don’t have a decree of separation by that date. Even if you have an understanding with your former partner and you have lived separately since January 1st, you are still considered married in the eyes of the law if you don’t have ..read more

One of the most challenging uncertainties of any separation or divorce is simply: “How do we do it?” You may have emotionally decided that you want to move on, but how do you actually do it? How do you untangle and resolve everything with your partner so that you can get from where you are now to where you want to be? First, ask yourself what you want. Put it in words. And do you know what the most common words are that separating couples say they want? ‘Peace.’ ‘Resolution.’ ‘Fairness.’ When couples get past all the emotions of anger, sadness, guilt, and frustration, they just want to move on ..read more

For many couples, their retirement savings are their greatest asset. Whether it’s a 401(k), IRA, pension, or some other account, these savings are often the result of a lifetime of work. So, when a couple separates, these assets carry extra weight. Not only are they financially significant; they also represent decades of saving up for golden years together—plans that now won’t come to pass. Splitting retirement savings can be trickier than most other assets, and it’s advisable to consult with a professional. However, you still want to be informed yourself, so that you don’t end up with uninten ..read more