Divorce among older couples, also known as gray divorce, has become more common in recent years. Longer lifespans and changing social norms have contributed to the rise in gray divorces.
Many of the challenges of divorce are similar regardless of age. However, if you are over 50, there are some special considerations you may need to take into account.
Your divorce can affect your adult children
Having grown children means you and your ex do not have to work out custody or child support. However, your divorce can still affect your kids. The routines and traditions they have grown accustomed to will change, which can be hard even for adults.
Your spouse might get part of your retirement account
If you contributed to a retirement account during your marriage, these funds likely count as marital property. Depending on your circumstances, your spouse may have a right to a portion of this account. However, if your spouse has his or her own account of similar value, there may be no need to divide the accounts. You may also be able to keep funds you acquired before marrying, but separating these from marital funds can be daunting if you have not kept impeccable records.
You may need to pay or receive spousal support
Many people think of alimony as a relic of past generations, but it is still necessary in some divorces, especially if one spouse has not worked outside the home. Older people who divorce often find it difficult to enter the workforce. In these cases, a spousal support order may be appropriate.
When preparing for divorce as an older couple, understanding the issues you face can help you get the best possible start in your new chapter of life.