Older Rhode Island couples who decide to end their marriage may find that it can be financially difficult. This is often due to the fact that older Americans have a limited amount of time to recover financially. Because marital assets become far more important for those near retirement age, the cost of the divorce can actually go up as former couples try to get the most out of property division.
After the age of 50, most individuals have maxed out their earning potential and their employment opportunities become more limited. Further, the assets they own at this point are likely to be fixed. This means that a gray divorce could turn into a fight for a former couple's future standard of living as there simply will not be much time to rebuild. Further, some may be interested in keeping the marital home, which can be expensive for one person to maintain.
If the split is amicable, former couples can choose to come to an agreement through negotiations. This allows them to save both time and money, allowing funds to go to the former couple's future instead of being lost in fees.
While it is never easy to go through the divorce process, it is often harder for those who have been married for decades. Even if the former couple does not have to deal with child custody issues, they will still have to divide marital assets that took years to obtain. In many cases, they can attempt to negotiate a property settlement agreement with the assistance of their respective attorneys rather than leaving the decision up to a judge.