If you are unhappy in your marriage, getting a divorce could be a possible solution. Some people, especially those who are older, are often concerned about how a gray divorce could impact them and their retirements. Others are concerned about how they may be perceived if they divorce when they’re older.
Gray divorce is seeing an increase globally, not just in the United States. Why? There are all kinds of reasons why people divorce, but some of the most common include that they:
- Are not as reliant on each other’s incomes to have a stable home. Women, for example, are more likely to have their own homes and to be independently employed, so that they have their own income and retirement accounts
- Over 50% of people reaching mid-life in the world today live to be 85, on average
- Many couples have children later in life, so they are reaching a point where they are comfortable separating once they reach their 50s
These and other causes have led to an increase in divorces overall. That being said, there are factors you should consider before divorcing at this age. Divorces aren’t the right choice for all couples, but many will benefit.
What should you consider before starting a gray divorce?
The first thing to look at is your income. Where is your income coming from, and will you be able to sustain your lifestyle following your divorce? You should work through all potential future salary situations to decide if you need spousal support or additional assets to remain comfortable in the future.
Retirement is another issue to address. A divorce could cut a retirement account in half and split it between you and your ex-spouse. It’s also complex to split these accounts, so think carefully about how divorcing could impact your retirement.
Older divorcees may also need to consider the impact on their health insurance eligibility. If you won’t be able to get health insurance from an employer, it may end up being a costly addition to your monthly expenses.
These are a few things to consider about gray divorces over the age of 50. If you’re unhappy in your marriage, you can look into divorcing.