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Divorce can have drastic impact after 50

Ending a marriage after the age of 50 is a growing trend in Montana and elsewhere. In fact, the rate of divorce among people over 50 years old doubled from 1990 to 2014. For people over the age of 65, the figure actually tripled during the same time period.

A divorce can have a drastic impact on finances at any age, but it can especially hurt older couples. The biggest issue may be time. Being closer to retirement means there is less time to make up for the financial hits endured as a result of a later-in-life divorce, also known as a gray divorce.

An important consideration during the process of negotiating a divorce agreement is how retirement accounts will be divided. Following divorce, each spouse will end up getting a smaller piece of the financial pie that they were initially intending to share during their golden years. But will those smaller pieces be enough to sustain each party after the proceedings have concluded?

Divorce in Montana can have just as much of an effect financially as it can emotionally. However, it may be possible to feel more in control of the process by deciding to handle issues through mediation or direct negotiations, as opposed to traditional litigation. Through mediation or negotiating, a settlement may be reached without further court intrusion, thus helping to reduce the costs, time and stress associated with going to trial. However, if achieving a settlement in this manner seems impossible due to ongoing disputes, a judge will have to decide any issues that are still unresolved. 

Source: CNBC, "Surviving divorce after 50", Katie Young, March 2, 2017

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