It is true that not all marriages are happy and will last. Married couples in Tennessee understand that once a couple decides to part ways, they have serious financial issues they need to consider. Although the emotional and stressful components of a divorce affect the separating couple, these can worsen when they begin discussing and disputing property division.
A recent report indicated that although divorce rates have been decreasing, later in life divorces or “grey divorces” are growing. This phenomenon also means a greater concern for finances in a divorce. When a couple has been married for several decades, they will find it difficult to move on with their new life without their spouse.
Financial planning is often essential for grey divorces. This comes in handy when they seek a reverse mortgage. This is a way for homeowners that are at least 62-years-old or older to borrow against the equity in their home. Although this was typically done for reasons such as to pay for home modifications, home health care and medical expenses, this is now a growing financial management tool in grey divorces.
A reverse mortgage could be a beneficial tool when it comes to determining who keeps the home and any divorce settlements. Any financial decision in a marriage, during a divorce or post-divorce should be properly researched and decided. There could be other factors such as tax implications to consider when making any financial plans.
No matter their age or length of marriage, those filing for a divorce and seeking financial advice in order to reach a divorce agreement should understand their options. A qualified professional could provide answers and guidance to the spouse seeking advice.
Source: Forbes, “How Reverse Mortgages Can Benefit Older Divorcing Women,” Jeff Landers, Sept. 24, 2013