Elliot Heidelberger Agrees with Study that "Gray" Divorce is Often Complex

Chicago, illinois, March 10, 2015 (Newswire.com) - A new study from a professor at Bowling Green State University shows that divorce among couples over the age of 50 has nearly doubled over the last 20 years. The study also showed that divorce at an advanced age can have a serious financial impact. Nearly 30 percent of all single women and 14 percent of all single men who divorced after age 62 live in poverty, according to the study.

Chicago divorce attorney Elliot Heidelberger stated that his experience confirms those numbers. "I see a lot of couples who wait until the kids are out of the house to get divorced," Mr. Heidelberger explained. "That may seem like a good idea, but the problem is that those individuals have little time to establish financial stability between the divorce and the time they retire."

Mr. Heidelberger explained that so-called "gray" divorces can be much more complex than traditional divorces. There are more assets to split and many of those assets, like pensions and real estate, aren't very liquid. Also, one spouse may not have much work history or earning power, making them especially vulnerable to financial challenges.

"One of the problems is that couples in a divorce don't necessarily prioritize the right items," argued Mr. Heidelberger. "They want the things that affect them in the moment, like getting the house or a vacation home. So they may sacrifice their share of the retirement plan to get those items. That can come back to bite them later in life."

Mr. Heidelberger, a divorce attorney in Chicago, suggests that couples take a long-term view when negotiating their divorce. He recommends thinking about not just the assets the one will need in the moment, but also years into the future.