When couples over the age of 50 end their marriage, this is also known as a gray divorce and it is a becoming an especially more common phenomenon in recent years. According to Forbes, 1 in 4 couples that get a divorce are over the age of 50, and it is likely the rates may double. Although divorce is never easy, it can be even more challenging for those enduring a gray divorce due to a variety of factors, which we will review in this blog.
Divorce Challenges for Spouses Over the Age of 50
For those who pursue a divorce later in life, the challenges of dissolving a marriage will present some unique difficulties younger spouses generally do not face. When younger spouses get divorced and divide assets and property, they are in a position where they have time to rebuild their wealth. However, if you are already retired or plan on retiring soon, your divorce may put a wrench in your plans. Keep in mind that any retirement assets you accumulated throughout your marriage, including Social Security benefits, will end up on the chopping block, which means you might end up in a financial predicament if you do not plan appropriately.
Moreover, the length of a marriage can also complicate assets and it may not be simple to determine the value of each party’s separate property in a gray divorce, given how much everything may have commingled. When spouses are younger and the marriage had a short duration, it is often easier to smoothly divide assets and property.
Lastly, if one spouse relies on the other’s health insurance benefits provided through an employer, that spouse will no longer enjoy these benefits once the divorce is finalized. Not having health insurance when you are at an age when your health may begin deteriorating may be one of the biggest challenges for spouses in a gray divorce.
That said, with proper planning and experienced legal guidance, you may be able to mitigate the risks you may face as you go through the process of dissolving your marriage, so do not resign yourself to the fate of remaining in an unhappy marriage.
Schedule a Consultation with an Experienced Legal Professional Today!
If you are about to embark on a gray divorce, hiring a knowledgeable family law attorney can help you smoothly navigate the obstacles you may face. At Nichols Dixon PLLC, our family law team is committed to guiding clients through their divorce, so they can lead start a happier chapter in life. It is never too late.
Reach out to our law office today at (405) 294-1511 to set up a consultation with a member of our team to discuss the details of your case.