Many people get married for the wrong reasons. Maybe they were young and wanted companionship. Perhaps they married for money and found out that they are incompatible with their spouse.
Sometimes people change as they get older. The children are gone and they are no longer content living with their spouse. Suddenly they realize that they are no longer satisfied with their marriage.
Couples who divorce at a younger age find it easier to move on. Their divorce may have been costly, but they still have 30 or 40 years to work and earn more money. This isn’t the case with couples going through gray divorces.
Gray divorces occur after a person turns 50. In the past, getting divorced after 50 was unheard of. It has now become a trend. In fact, the divorce rate for those age 50 and older has doubled since 1990.
At age 50, people have dreams of retirement. For many, those dreams have been replaced with thoughts of divorce. While divorce is no walk in the park at any age, it’s even more difficult as you approach retirement.
What to Expect
One of the biggest things that will be affected by a gray divorce is retirement. As you get older, you have less time to save up for retirement. If you are getting ready to retire, you will likely need to postpone it. If you already are retired, you may need to go back into the workforce. That’s because in a divorce, your assets will be split to fund two households instead of one.
A divorce may change your lifestyle. To make ends meet, you may need to downsize. Instead of your fancy four-bedroom home, you may need to consider a more affordable studio apartment for the time being.
Divorces are also more complicated as you get older. You’ve had much more time to accumulate assets than a couple who was married only several years. Asset division can take some time to finalize, and time equals money.
As people age and develop health problems, medical insurance becomes a primary concern. One spouse may not be able to afford it, so the other spouse agrees to pay for it. In some cases, couples live apart but stay legally married solely for health insurance benefits.
Making matters worse is that alimony can still come into play. If you were the higher wage earner, you may now be making monthly alimony payments to your ex-spouse for the rest of your life.
Reach Out to a Talented Lakewood Divorce Lawyer
Nobody expects to get divorced in their retirement years, but it’s becoming more common as people focus on their happiness and how they can live the best life possible. If you’re considering divorce in your 50s, 60s, 70s and beyond, the Denver divorce attorneys at Divorce Matters can help you through the process. It will be challenging, but we can help you make the best of the situation. Contact us at (720) 408-7469 to schedule your consultation.
