Divorce among individuals over the age of 50 has doubled within the past 20 years, creating a phenomenon known as “gray divorce.” While divorce at any age is generally an overwhelming and emotional, divorcing over the age of 50 comes with its own unique challenges and obstacles, especially since most married couples over the age of 50 have likely spent decades with each other and must now go forward alone.
Here are some of the issues individuals over 50 must consider if they are thinking of obtaining a divorce, or are already in the process of one:
- Children: Unlike younger couples whose children are minors, you and your spouse will not have to haggle over child custody or child support. However, just because these issues are no longer on the table does not mean you will not have to provide comfort and emotional support to older sons and daughters you might share. Have a discussion with your adult children about the divorce and try not to create any tension or animosity between them and the other parent.
- Finances: When you are over 50, the financial aspect of divorce can present some major hardships, especially since you are no longer in your prime income-earning years. In their older years, couples tend to have a lower risk tolerance and cannot usually recover from big financial mistakes. As such, the division of 401k and IRA assets should be well planned and thoughtful. You will need a post-divorce plan that will show the current value of your assets and income as well as the future impact of the divorce on your retirement. Depending on the specific circumstances of your situation, a divorce might require you to delay retirement or a drastic lifestyle change.
- Emotions: Divorce is not just about finances and legal documents, but about your emotions and ability to cope. At this age, divorce can sometimes be positive, reigniting passions you might have long forgotten. It could also be a scary experience since you might not be used to being on your own. No matter what you might be feeling, remember that it is okay to ask for help. Talk to a close friend or consider therapy to vent your emotions. This is a difficult experience to go through and you do not have to do it alone.
Louisville Divorce Attorney
No matter what age you are, divorce is never an easy decision to make. At Louis P. Winner, our legal team will carefully consider every factor in your case and strategize options for meeting your goals. We understand that every case is unique and will require a different level of resources, which we strive to provide to protect the best interests of our clients.
Contact our office today at (502) 812-1889 to schedule a consultation.