Research shows that in the last 20 years, the number of people getting divorce after 50 years old has doubled. It’s become increasingly popular that there’s even a specific term for it, “the gray divorce”.
Below are some important factors to consider if you’re getting a divorce or are thinking of filing for it.
Property division is a common concern in most divorce cases, but more so in gray divorces since older individuals have fewer options than younger individuals. With a gray divorce, retirement accounts and Social Security take center stage during property division. Divvying IRA and 401(k) assets require thoughtful consideration because you could choose from different liquidity options, explains a top divorce lawyer in Colorado Springs.
You should have a plan after your divorce that shows how property division might affect your retirement, along with the current worth of you and your spouse’s income and assets. For instance, should the pension be equally divided or should one of you receive a different asset in lieu of a cut of the pension? The answer to this depends on various factors, including age difference, life expectancy, and other income sources.
Whether you have adult, school age children, or toddlers, you must consider them during your divorce. While there’s more emphasis on younger children, mainly because there’s child custody and child support to consider, you can’t just overlook your big boys or girls. While you could choose to cut ties with your spouse, your role as a parent doesn’t just end because of your divorce.
How do you feel about getting divorce at 50? Do you feel elated, miserable, excited, or scared? Whether you’re feeling good or bad about your divorce, this significant change would create emotional responses that you might or might not be prepared for. To that end, make sure you have someone to talk to about what you’re going through.
Every divorce case comes with its own unique challenges; this is especially true in gray divorces. But by addressing the unique issues specific to you and getting guidance from qualified professionals, you could come out of your divorce as a strong individual who is optimistic about your future.