Divorce after the age of 50—so-called “gray” divorce—is no longer an attention-getter among friends, family and co-workers. It is much more common now than it was even a decade ago.
The issues you face now are going to be different than they would be for a younger person. Here then are five points to keep in mind about a gray divorce.
1. Keeping your home
Many women who are about to divorce want to keep the family home in the settlement. If this is your wish, remember that you will need to give up something else to your spouse to balance out the value. That something may not be an object; it could mean giving up the larger share of a retirement account, for example.
2. Being eligible for alimony
If you have concerns about your eligibility to receive alimony, rest assured that it is usually a given in the case of a long-term marriage, especially if your spouse is still working.
3. Cutting back on retirement money
The future may have looked rosy before you decided to divorce, but now you are going to have to revise your retirement expectations. No matter what the reason is for your divorce, your retirement funds are probably going to undergo an even split.
4. Supporting family
As an older couple, you will not have to worry about a child custody battle or co-parenting concerns when you divorce. However, it is not uncommon for seniors to provide financial support for their adult children, or even for elderly parents. You will have to take a close look at your upcoming financial position to decide how to manage ongoing support for family members.
5. Making an attitude adjustment
A final tip is to work on tempering any emotional upheaval with practicality. You and your soon-to-be ex will continue to be parents, and you will go on to manage certain family responsibilities that come up. You will face a happier future if the two of you can remain civil and businesslike as you go through your gray divorce.