It is not uncommon for a married couple to spend the first 25 to 30 years of their life together working and saving money to enjoy in retirement. Over the course of their lifetime, spouses often invest money in stocks, 401K plans, education plans, pension plans, real estate, and other investment opportunities. Ideally, the couple will have an opportunity to enjoy the results of their labor in retirement together. But an interesting phenomenon is taking place. A large percentage of the baby boom generation is seeking to divorce, resulting in some unexpected financial consequences. If you are considering a separation or divorce at any stage of your life, it is extremely important to protect your financial interests, including any investments. You are encouraged to contact an experienced family law lawyer, someone who understands the local divorce laws in Maryland.
According to a recent article, since divorce among people age 50 and older is so widespread, it is becoming known as a “gray divorce.” The author points out that divorce for this age bracket raises several unique concerns involving how each spouse will retire now that the so-called “nest egg” must be split in two. For instance, in a typical divorce, Maryland law allows for the periodic payment of alimony to one spouse. The ultimate goal of alimony is to give the “supported spouse” an opportunity to become self-supporting. When a court awards alimony, it is intended to be “rehabilitative alimony” for an allotted period of time to enable a dependent spouse to become self-supporting.