Divorce among those 50 years of age and older, also known as a grey divorce, is becoming more and more common and it is expected these numbers will only increase in the near future. Although divorce is a challenging and trying experience at any age, it is often substantially different for spouses who are nearly the winter of their lives, especially if they have already retired. Continue reading to learn more about the unique challenges older spouses face when dissolving their marriage.
Divorce After the Age of 50
Dissolving a marriage at such a late stage in life can present a lot of difficulties for spouses. When you are young, you have plenty of time to rebuild your wealth and bounce back from a split. However, if you already left the workforce, losing a substantial amount of assets through this process may force you back into it. That said, though the obstacles can be great, many older spouses are choosing to end their marriage for a plethora of reasons, including longer lifespans. If you believe it is possible to live another 20 or 30 years, why spend them in a marriage that no longer makes you happy? Instead of remaining in an unhappy marriage, older spouses are taking the leap and seeking a divorce.
Here are some of the unique challenges they may face:
- Health insurance: If a spouse is receiving health insurance benefits through the other’s employer, these benefits will disappear once the process is finalized. Unfortunately, losing health benefits at this stage can be detrimental.
- Retirement benefits: Even if you are not yet retired, losing retirement assets in a divorce may create some problems for you in the near future. Only the retirement funds you accumulated during your marriage will land on the chopping block. Any assets you accumulated before your trip down the aisle will remain as separate property.
- Adult children: Divorce is never easy for children to cope with, even as adults. Now that they are older, you or your spouse may feel more at liberty to discuss the details of your marriage, but this will put them in a difficult position. Although they may be adults and have a better understanding of divorce, this situation will still be difficult, so spare them the details.
No one should stay in an unhappy marriage, but it is still important to understand the risks you may face as you move forward with a grey divorce.
Discuss Your Divorce Case with a Knowledgeable Family Law Attorney
If you are planning to end your marriage, you should seek skilled legal guidance to assist you with the process. At The Neshanian Law Firm, Inc, our team has what it takes to represent you and protect your interests. With our team on your side, you can rest assured your case will be in good hands.
Reach out to our team today at (949) 577-7935 for a consultation.