Many older Maryland residents may soon become more familiar with the term "gray divorce." This phrase is often attached to divorce cases that involve individuals over the age of 50. Because these older individuals are ending their marriages later in life, it is likely that they have accumulated considerable assets and may worry about how divorce will affect their retirement. As a result, property division proceedings could play a major role in their futures.
Because retirement could be such a focus at this time in a person's life, he or she may want to protect retirement funds. However, property division and the ending of the marriage itself may result in individuals facing a situation that may lack the convenience of their previous arrangements. Individuals may have a more difficult time attending to the expenses of life without the assistance of their spouses, and as a result, they may need to dip into their retirement funds early.