It is becoming increasingly common for spouses to divorce in their senior years. Divorcing once retired is often referred to as “gray divorce”. Many people decide to divorce after they have retired because they realize that they want different things in their lives. Retirement is a big transition. Therefore, it is common for big changes to occur.
Although divorce in your senior years can be beneficial, there are some considerations that you should keep in mind to ensure that you have sufficient financial security in the years ahead.
If you have been in a long-term marriage, it is very likely that alimony will be paid to one spouse. If you have been the higher earner, then it is likely that you will have to pay alimony to your ex-spouse.
It goes without saying that your retirement fund will be split in half after divorce, and you should take this very seriously. It is important that you keep a budget and understand the lifestyle changes that you may have to make.
Consider your children
Although your children may be grown up now, it is important to remember that they may still be negatively affected by your decision to get a divorce. It is advisable to not take this lightly and to approach the subject with them with caution.
If you are considering a divorce during your retirement, you must seriously consider how your life will be affected post-divorce. Research the consequences carefully and understand how a divorce will affect your finances before taking any action for your future.
Source: US News & World Report, “7 Things to Know About Divorcing During Your Senior Years,” Maryalene LaPonsie, accessed Dec. 15, 2017