Gray divorce refers to divorces between couples who are aged 50 or older which are increasing. Divorcing later in life can bring unique challenges divorcing couples in that situation should be prepared for.
Common concerns during a gray divorce
Divorce can be emotionally stressful on any couple and this can be especially true for older couples. Concerns that may be top of mind during a gray divorce can include:
- Division of retirement and Social Security benefits: During the divorce process, it will be necessary to calculate the amount of Social Security each spouse will receive. Retirement and pensions may also be split which can create unexpected financial challenges later in life that divorcing couples should be prepared for.
- Division of assets: Because property division is generally based on the categorization of different types of property, the process can be more challenging for couples divorcing alter in life who have been married for a significant length of time and have acquired property and assets over many years. Divorcing spouses need to be prepared to prioritize their interests during the property division process and understand the implications of the property division agreement they are seeking.
- Health insurance: Potentially losing health insurance later in life can be devastating. If one spouse is covered by the other’s employer, after the divorce, that spouse may lose their health insurance. This is an important consideration to take into account when negotiating a divorce settlement later in life.
- Concerns related to adult children: Gray divorces can be hard on adult children. The couple’s property division settlement can impact them in a variety of ways. The divorcing spouses may also need to rely on adult children emotionally and financially which can also be challenging.
Couples divorcing later in life should be prepared for the unique challenges they may face during their divorce process. The family law process can help guide them through which is why it is important for them to understand how that process works and what to expect.