If you are over the age of 50 and getting a divorce, this is often referred to as a “gray divorce.” Although ending a marriage is difficult regardless of age, the obstacles older couples face are uniquely challenging in ways that are unlike the problems younger couples experience. For those who have already left the workforce or are considering it, a divorce can present some potentially serious financial obstacles. Continue reading to learn more about the challenges of a gray divorce.
Unique Obstacles in a Gray Divorce
When younger spouses end their marriage, they can often recover from the financial setback as they are still in their prime income-earning years. However, for those 50 and older, time is running a little short and a divorce may prevent them from retiring. If you have any health complications, this can make matters worse, especially if you are unable to remain working or return to work. Therefore, financial planning and budgeting are even more crucial for older divorcing spouses.
Here are some additional challenges you may face when going through a gray divorce:
- Locating and identifying all assets and property: Older couples have likely been married for a substantial amount of years, which means you probably amassed some wealth. It may also increase the difficulty of determining the difference between separate and marital property since much of what you own might have comingled in one way or another.
- Health insurance benefits: As mentioned above, when you get older, you may face some health issues that require ongoing treatment. If one spouse is receiving this through the other’s health insurance, these benefits will no longer be available once the divorce is finalized.
- Your adult children may face some issues: When older parents get divorced, it sometimes falls upon their adult children to either take a parent in or offer financial assistance. If they are not well-established in their own careers, this can become a burden for the whole family.
Getting a divorce is never a walk in the park at any age. If you plan to end your marriage, contact an experienced family law attorneys as soon as possible.
Discuss the Details of Your Case with a Divorce Attorneys Today!
If your marriage is no longer working, even after years of trying to repair it, it may be time for a divorce. The legal team at The King Law Firm can guide you through this process as smoothly as possible while protecting your interests.
Call our law office today at (347) 343-5467 to set up an initial consultation with a member of our team.