Most people associate divorce with younger couples, but the prevalence of divorce after the age of 50 is increasing. Some don’t realize just how much of an impact divorce has on these individuals.
Informally, divorce within this age group is known as a “gray divorce.” There are several things that you need to think about if you’re going through one of these.
Retirement accounts might not stretch
Gray divorce often involves having to split up retirement accounts. While this might not seem like a big deal, it’s likely going to mean that each party takes a considerable financial hit. These accounts were meant to support one household. After the divorce, the same accounts will have to support two households. This leads some people to take on a job past their intended retirement age to help cover the difference.
Emotional ties will be difficult to handle
The emotions that you feel during a gray divorce might surprise you. Even though you likely don’t have minor children at home, your adult kids may have strong feelings about the divorce. You may be happy about the divorce, but you may still feel some sadness. This is especially common when you have to deal with being unable to uphold familiar traditions around the holidays and so on. It might also occur if you find out that you’re losing some of your social circle.
If you’re considering a divorce later in life, you should ensure you learn about the options you have for each aspect of the divorce. While you might not have to worry about child custody, you may have to think about property division and spousal support, so it helps to learn as much as you can about the process and your rights.