Don’t assume that divorce is just for middle-aged parents with young children. The cliche is, of course, a mother and father in their 30s or 40s who perhaps fell in love in college and now have drifted apart. They want something new in life. Couples who make it through this stage, it’s often assumed, will stay married for life.
The truth, though, is that gray divorce has only been rising. Those over 50 are ending their marriages at a fast clip. Baby boomers are now those deciding it’s time for something new.
These are individuals who fall well out of that cliche. They may have children, but the children are grown up and have moved out of the house. Many of them are closer to retirement than they are to middle age.
All of this can bring up some unique challenges. For instance, a couple who has saved jointly for retirement all these years now has to decide how to split up those savings and what it is going to mean for their ability to retire at all. Plus, couples at this age tend to own more assets, such as family homes, multiple cars and even businesses.
Younger couples think about dividing time with the kids. Older couples think about their financial future and how to make it as secure as possible. It’s a different focus, but it’s just as important, and it happens far more often than many people realize.
No matter your age, if you decide that it is time to get divorced, make sure you take the time to look into all of the legal options that you have.