If you are over the age of 50 and are considering a divorce, you are not alone. It is becoming increasingly common for couples to divorce in their senior years. According to a study from Bowling Green State University, divorce after the age of 50—otherwise known as “gray divorce”—nearly doubled between the years 1990 and 2010.
When you are considering whether a gray divorce is right for you, there are several important factors to consider.
- Alimony payments
If one spouse was the breadwinner for the majority of a long-term marriage, the other spouse could very possibly be granted alimony. While divorce agreements vary for every couple, a senior couple can expect that alimony could play an important role.
- Retirement funds
Your retirement fund could also be seriously depleted. A retirement fund is an asset that could take a serious hit in a divorce, even if one spouse was at fault.
- The marital home
A house can hold many memories, some good and some bad. But it is also a major asset, and you should think rationally about how it will be handled in a divorce.
Even if your children are now adults, they can still play a part in a gray divorce. Grown children can still react emotionally to news of a divorce. Child support and visitation may not be issues, but it’s not uncommon for parents to provide financial support for adult children.
- Being amicable
Though every divorce is different, a divorce after a long marriage can be particularly difficult. Remaining amicable during a divorce can sometimes be the best option for keeping a relationship civil. A skilled attorney or mediator can aid your communication with your former spouse.
- Dating and remarrying
Seniors who are newly single will be faced with the option of dating and remarrying. It may seem daunting, but it can provide a new lease on life for people who are in their prime.
- Prenuptial agreements
If you do decide to remarry, you may want to consider a prenuptial agreement. Without one, a second divorce or another major life event could wreak havoc on your finances.