If you haven’t heard the term, divorcing when you and your spouse are over 50, is often referred to as “grey divorce”. Grey divorce is on the rise even as the divorce rate for younger couples has been going down. In fact, the grey divorce rate has doubled since the 1990’s. Grey divorce looks quite different to divorce for younger couples. Couples who have been married for decades have many aspects to consider that younger couples don’t often face. On the other side of the coin, most grey divorces do not involve issues of child custody and child support. An experienced divorce attorney can help you navigate the challenges of grey divorce.
Although there can be serious financial considerations in divorce at any age, these issues become especially important if divorcing when you are older. Retirement plans and savings have more significance. The availability of Social Security payments may come into play. You may be eligible for Social Security payments that are based on your Spouse’s record, but you may not be able to receive them right away. If your spouse hasn’t applied for their benefits you have to wait until two years after the divorce is final.
Your expenses may be much greater as individuals than they are living as a couple, and divorce could mean a drastic change in lifestyle. Your plans for long-term care need to be considered as well.
The House and The Kids
If you own a home together, you will need to decide who keeps the house, if anyone. Many couples choose to sell and split the money. But this can be a very emotional decision if it was your longtime family home. You may get strong objections from your children.
In fact, you need to think about how you will prepare your children and grandchildren for the entire divorce. Even if the kids are grown and on their own now, it can have a huge emotional impact on them. They may side strongly with one or the other of you. You need to be prepared.
To learn more about divorcing when you are over 50, please call the Cole Law Office at (800) 909-LAWS (5297) or contact us online to schedule your consultation.