The number of gray divorces is increasing which is significant in terms of its impact on older couples. Divorce can be a challenging process so divorcing couples over 50 should be prepared for unique difficulties gray divorces may involve.
Divorce later in life can be especially challenging financially and emotionally. In general, property, assets and money acquired during a marriage is subject to the property division process. As a result, couples divorcing later in life should know how to protect their interests concerning:
- Property Division: it can be challenging for couples to set up and support two households later in life which is why it is essential for them to understand the property division process to be able to prioritize and protect their interests. Generally, only marital property is divided so it is useful for divorcing couples to understand what marital property includes and how to value their assets.
- Retirement Accounts and Social Security benefits: retirement accounts, pensions and Social Security benefits may all be divided which can be challenging and contentious at times but is an issue older couples will need to address.
- Health Insurance: if one spouse is reliant on the other spouse’s healthcare insurance, this can be problematic for couples divorcing later in life. Life insurance policies can also be impacted by a gray divorce. Couples divorcing later in life should be prepared to address insurance-related concerns during their divorce.
- Adult Children: if one of the spouses has adult children from a prior marriage, this may impact how they want the property division process to be resolved. A gray divorce can have a financial and emotion impact on adult children that divorcing couples should be prepared for.
A gray divorce can mean major changes and challenges for the divorcing couple and their family. Family law resources can help divorcing couples navigate those changes and challenges which is why divorcing couples should be familiar with family law tools that can help guide them through their divorce process.