Divorcing is difficult at any age, but there are unique concerns when you separate in your senior years. Ending your marriage later in life, often referred to as a gray divorce, has specific implications on your emotions, finances and property.
U.S. News states that the divorce rate for people 50 and older doubled from 1990 to 2010. If you are considering calling it quits, here are some things you should know before you head to divorce court:
1. Take care of yourself
If you are divorcing when you are older, you may be ending a marriage that lasted for several decades, which can be especially heartbreaking to experience. Take time to understand and work through your emotions. Reach out to close friends and family members to avoid isolation and bottling your feelings up.
2. Do not put all your eggs in one basket
Think of all your marital assets in a balanced way. While you may feel passionate about the house or car, it may be wise to not put 100 percent of your focus into one particular asset. Getting tunnel vision on certain assets can carry risks. It can also be important to give appropriate attention to the issue of retirement savings.
3. Remember your children
Just because you have adult kids does not mean the divorce will not impact them. While you will not have to worry about visitation or child support, you will have to keep their finances and emotions in mind. For example, if you provide any financial support to your adult kids, you may need to pay them less as you figure out your own finances during your divorce. If you notice your adult children are having a hard time adjusting to the divorce, you should talk to them and keep them in the loop to bring resolution.
Divorcing at an older age can be legally and emotionally complicated. You may want to keep these considerations in mind if you are leaving your spouse after 50.