Gray divorce, meaning those that involve people aged 50 and older, are becoming more common. In fact, one study found that as many as 10% of divorces involve individuals who are 65 and older.
While marriage dissolution in your golden years might give you the new lease on life that you want, it comes with risks. In this post, we want to look at some of the unique challenges gray divorces pose so that you know what to prepare for as you head into your marriage dissolution.
The challenges you could face in your gray divorce
Every divorce has its difficulties. But in the midst of a gray divorce, the stakes can be even higher. Here are some of the issues that you’ll want to pay particularly close attention to as you head into your marriage dissolution:
- Retirement: Divorcing later in life means that you have fewer working years ahead of you to rebuild your retirement savings. Therefore, you’ll want to advocate for your fair share of the marital retirement assets, even if that means giving up on some other key assets that you were hoping to acquire. If you cave in on retirement assets, then your long-term financial stability could be jeopardized.
- Insurance: Purchasing insurance on the open market can be incredibly expensive, quickly eating away at any savings that you’ve tucked away. And you might have to face this tough reality if you were insured through your spouse’s employer at the time of divorce. You might be able to help offset insurance costs, though, by negotiating spousal support or seeking a larger share of the marital estate.
- Long-term care: Depending on your health at the time of your divorce, your marriage dissolution might leave you without the caretaking support that you need. Therefore, you’ll have to enter your divorce proceedings with an idea of how you’re going to secure the long-term care that you need. Again, spousal support might provide you with the financial resources you need to offset long-term care costs, or you may be able to secure a larger chunk of the marital assets that are best positioned to provide for your care.
- Housing: Housing has become much more expensive over the past decade throughout California. As you enter your gray divorce, then, you’ll want to consider what your living arrangements will look like. You could advocate to keep the marital home, but remember that the mortgage and upkeep on the residence may be more than you can handle on your own. If you’re going to secure a new place to live, then you’ll want to make sure that it’s affordable in accordance with your budget. You may be able to use these costs to justify a request for spousal support.
- Emotion issues: Ending your long-term marriage can cause a lot of emotional and mental strain. Be sure to wrap yourself in support so that you’re not dealing with these issues on your own.
Craft a gray divorce legal strategy that works for you
There are unique challenges that you’ll face in your gray divorce, but they’re not insurmountable. In fact, you can develop a sound legal strategy that seeks to aggressively protect your interests, thereby maximizing your chances of securing the outcome that you want. So, if you’re ready to put the process in motion, or if your spouse has already filed divorce paperwork, then now is the best time to get to work figuring out which course of action is right for you.