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Important considerations in a gray divorce

On Behalf of | Feb 6, 2023 | Family Law

Many couples realize they have little in common with their spouse once their children leave home, and they have just each other for company.

For example, one spouse may like to stay active, meet new people and explore new places while the other is happy at home or engaging in activities like gardening. While there is nothing wrong with either lifestyle, these differences can cause couples over 50 to divorce.

The divorce of couples over the age of 50 is often called “gray divorce” and comes with unique considerations and issues that must be considered.

The potential challenges of a gray divorce

Most people who divorce later in life face more challenges. While younger couples have time to continue saving for retirement and the future, older individuals may already be retired. Because of this, it is necessary to consider if splitting retirement benefits will be viable and enough to support two households.

Older individuals filing for divorce must also consider property division for things like their home, which they may have lived in for years.

Budgeting for the future can be challenging, too, since one or both people may no longer be working. It is important to consider what type of lifestyle can be had after the divorce is final.

Understanding the challenges of gray divorce

Today, people are living longer than ever. Many realize they do not want to stay with someone who does not share their interests. If this happens to you, it is important to know the unique factors of a gray divorce and what legal elements will come into play.