Older couples should be cautious during gray divorces

On Behalf of | Jan 10, 2020 | Divorce, Gray Divorce/Divorce Over 50 |

You’ve lived in the same home for over two decades. You and your spouse bought it together as your first home, and you loved it so much that you raised your child there. Now, they’re leaving the nest, and you and your spouse have found that you don’t have a lot in common.

You’re not alone in this situation. Many people find that the marriages that they had in the past aren’t the same once their children grow up and move out. Some people grew apart but stayed together for their children. Others didn’t realize how different their goals or paths had been until they had more time to worry about themselves again.

If you and your spouse have sat down to talk about divorce, it’s important that you decide if this is really the right answer for you. Some couples, especially those going through gray divorce, have many assets and investments linked to one another. Divorcing means you’ll need to focus on how to divide everything you gathered together, which can be costly and leave both of you in a less stable financial position in the future.

What are some important considerations for gray divorces?

During a gray divorce, a few things you want to keep in mind are:

  • How you want to handle retirement
  • Your health and ability to work
  • Your monthly expenses and how you’ll pay for them
  • Your career options, if any
  • Spousal support, and how much you want if you’re going to seek it

Everyone has a different divorce, though many of the factors are similar. Your attorney will work closely with you to make sure you address important factors such as your retirement account or your ability to have support from your spouse as you reenter the workplace.

Gray divorces aren’t always necessary, but for those who have decided to end their marriages and move forward toward a new life, it’s important to make sure this divorce does consider all the potential financial implications.

Older individuals have less time left to work and may need more support to reenter their preferred industries. Some people will be too old to return to work and may rely on things such as 401(k) accounts or stocks to support them in the future. Your attorney will talk to you about all the aspects of your divorce that could affect you in the future and how you should address them.