What are concerns with a “gray” divorce?

On Behalf of | Feb 25, 2021 | divorce | 0 comments

Divorces over the age of 50 occur, and they may occur with greater frequency than people realize in California and around the country. Several factors contribute to the rise of “gray divorce,” ranging from disagreements over retirement finances, drifting apart, and other reasons. When seeking a divorce at an older age, somethings may be complicated. Therefore, those over the age of 50 might benefit from avoiding certain pitfalls when filing for divorce.

The financial concerns of a gray divorce

People who live together for three decades or more might become used to household income and revenue. Upon divorce, the spouses become single again and may find themselves shocked to discover what supporting oneself costs per month. Leaving a “paid off” home and moving into an apartment with monthly rent might prove financially stressful. So, it might be wise to plan out a “post-marriage budget” and to take steps to procure an equitable distribution of assets and, if possible, alimony.

Other issues could complicate finances after marriage. The couple might have debts. Determining how much is owed and who takes responsibility for the obligations might be a necessary part of divorce proceedings. Maybe selling the house becomes essential, and intentions to “fight for ownership” to keep the house seems ill-advisable.

And what assets does the couple hold? Has a spouse been hiding anything? Uncovering any hidden assets might be critical to avoid regrettable mistakes. Hiding assets may be a worse mistake. There could be criminal liabilities for any illegal actions.

Other aspects to consider

Divorce may prove overwhelming, but spouses might not find overlooking important matters helpful. What about health coverage? How will monthly premiums end up paid?

Questions about unnecessary expenses may extend to adult children. Supporting adult children might need to stop. The money directed towards older children could be better invested in personal living expenses for the parents. Remember, as someone ages, the person may become more reliant on investments and savings.

Gray divorce brings with it some complexities, ones that could have financial consequences. Anyone seeking a divorce at any age may find it valuable to discuss matters with an attorney.