Unique Concerns in Gray Divorces

 Posted on February 10,2017 in Divorce

Many people in struggling marriages wait until later in life to divorce. Couples consisting of partners aged 50 and above now account for a full quarter of all divorces in the United States. Divorce between older individuals has been nicknamed “gray divorce,” and has been on the rise in this country for a number of years.

Couples get divorced after many years of marriage for various reasons. Some do not want to upset the family balance while there are children living at home. Others wait for financial or career-oriented reasons. Still others may have tried for a long time to salvage the marriage and finally decide to call it quits. While a divorce is a life-changing event for individuals of any age, waiting until later in life to get a divorce comes with its own special challenges.

Factors to Consider When Divorcing After the Age of 50

If you are 50 or older and are thinking about a divorce, it is important to keep a few things in mind:

• You have limited time before retirement. A person who is older and ready to retire may have their plans put on hold due to financial obligations from the divorce. If he or she makes more money than their spouse, they may be required to pay spousal support which will cut into their income;
• Older individuals are more likely to have long-term investments than younger people. These investments can make the divorce process more complex;
• Some people who have been married for a long time have difficulty adjusting to life as a single person. They may need to learn how to manage finances or live alone for the first time;
• Women who chose to stay at home to raise children or manage the household in their younger years may be less financially prepared to be alone. They may not have the job experience to find adequate work or any type of retirement plan;
• You may need to consider moving. Older individuals often have less in liquid assets and more money invested in a home. It may be necessary to move to a smaller or less expensive home in order to keep living costs manageable after a divorce;
• Everyone should consider how their health coverage will be affected by a divorce, but those who are over 50 have a higher rate of serious medical conditions; and
• There are emotional difficulties that come with divorcing later in life. You may feel a sense of hopelessness or regret that a younger person does not feel. You may experience a greater degree of loneliness because your children have already grown up and moved out of your home.

It is never too late to start building the life you want. There is hope for those considering or already involved in a gray divorce. Contact an experienced Lombard divorce attorney to get the help you need. The compassionate team at A. Traub & Associates understands the struggles that older divorcees face, and we have the knowledge and skill to assist you in building a happier future. Schedule your confidential consultation with our firm today.

Sources:

http://wtop.com/money/2017/02/65-know-can-afford-grey-divorce/

http://www.forbes.com/sites/jefflanders/2016/07/13/gray-divorce-a-financial-double-whammy-for-women/