For some couples, arriving at the golden years of life comes with a sense of bliss. With a legacy built and many assets in tow, many stretch their arms, eager for the relaxation to follow. But this isn’t the case for everyone. Some couples with many joint-life chapters under their belt decide to begin a new one, but separated from each other at that.
Gray divorce is more prevalent than some may think, and it can stem from a number of reasons. And even if those reasons are mutual that doesn’t mean the couple shouldn’t take heed to the various considerations of a gray divorce.
A healthy retirement fund often takes decades of work and savings. Even if divorce is a welcome notion, one of the first worries that come to mind is what will happen to all that hard work. While divorce may certainly take a toll on your finances, by having a thorough and well-researched evaluation of your assets, you can get a better idea of what that alteration could be.
According to Investopedia, one key question of divorce is “who gets the house?” The sentimental value of a home may be sky-high, but so too are often the finances of retaining sole ownership of said home. Just as an asset evaluation can help set an idea of your future financial situation, knowing the overall cost of taking the family home could prevent an egregious mistake.
As an article from the health section of US News details, just as finances often take a hit, mental health after a gray divorce often suffers as well. If your spouse surprised you with their desire to divorce it can be devastating, and even couples who agree on divorce aren’t necessarily in tip-top shape. It’s okay to need help and to reach out for it.
Gray divorce can be an intimidating prospect, and some meaningful conversations and evaluations can provide a better prospect on how to proceed and what options may be more suitable. For while many may hope to begin their new chapter with what they previously had, the logistics of divorce often prevent that. Still, there is help out there to guide you and your soon-to-be-ex to a new chapter in life.