Gray divorces, or divorces that occur between spouses who are 50 years or older, are becoming increasingly common and the rates are expected to double in the near future. Although getting a divorce is never an easy choice for couples, regardless of age, there are some challenges that are unique for gray divorces. Ending a marriage at a later stage in life can be particularly damaging to one’s finances at a point in life when many are often no longer in the workforce. Continue reading to learn more about the challenges couples face in a gray divorce.
The Obstacles Couples Over 50 Face During a Divorce
One of the biggest challenges couples often face during a gray divorce is the diminishment of their retirement and social security benefits. The retirement assets each spouse accumulates throughout the marriage are considered marital assets and, as such, are subject to division. If you were married for a particularly long time and did not have many assets when you entered the marriage, you may not have much in the way of separate property to cover your expenses if you are retired.
Moreover, when spouses divorce later in life, health is often a more prominent concern. If one spouse is not employed and enjoying health benefits through the other spouse’s employer, those benefits will end as soon as the divorce is finalized, which can pose a major challenge to the spouse without health insurance coverage.
Lastly, a gray divorce may also create some difficulties for adult children. Even as adults, your children may feel forced to take sides during your divorce, especially since they are more likely to be privy to the reasons behind your split. Additionally, they may even need to provide financial support if the divorce takes too much of a toll on you.
Of course, many of the challenges you may face during a gray divorce can be mitigated through careful planning, adjusting your budget, and realistic expectations. Hire an experienced attorney to advise you throughout the process.
Schedule a Consultation with a Skilled Divorce Attorney Today!
No one should remain in a marriage that no longer feels fulfilling. If you are over the age of 50 and wish to get divorced, reach out to the team at The Springer Law Firm PLLC. Our experienced divorce attorneys are backed by more than 85 years of combined experience and will help you smoothly dissolve your marriage while protecting your interests.
Reach out to our law office today at (281) 990-6025 to set up a consultation with a member of our legal team.