Even after your kids have left the roost and you’re well on your way to retirement, you may feel like you aren’t satisfied with your marriage. If you’re over the age of 50 and decide to split from your partner, you will be joining many others in your age bracket in what is known as gray divorce.
Metro explains what gray divorce is, as well as how you can prepare for it. There are unique hurdles you will likely face that younger divorcing couples don’t have to worry about. First of all, gray divorce is a colloquial term for a divorce that occurs between older couples. Typically your kids will be adults. You may be on your way to retirement, or already retired. This is of key importance, since it highlights the first big hurdle: finances.
As an older couple, you don’t have the same padding that younger divorcing couples have. You may have five or ten years left in the work force, if that. This is simply not enough time to rebound from a financial disaster. Gray divorce can take a toll on your retirement savings or 401k plans. You will also see your daily income halved. It can be much harder for older couples to readjust to living on one income instead of two.
Alimony can also be difficult, since you’re dealing with more than just the base pay. You’re also dealing with retirement funds, savings plans, and other investments you have made together along the way. For this reason, working with an experienced attorney is advised, as they can help you cut back on your financial losses.