A divorce under any circumstances can be stressful, emotionally crushing, and financially troublesome. But these matters can be amplified if you’ve been married for an extensive period of time and are later in life.
Gray divorce, the phrase given to marriage dissolutions involving people aged 50 and older, are becoming more common, but that doesn’t diminish the unique challenges that these individuals have to face as they try to find a way to untangle their lives from that of their spouse.
So, if you’re older and see divorce on the horizon, what legal issues could you be facing? Let’s look at some of the unique challenges you could be facing so that you know what to prepare for heading into your divorce.
The unique challenges faced when pursuing a gray divorce
You’re bound to face several legal issues as you navigate your divorce. However, there are some unique challenges that you’ll confront pursuing your gray divorce. This includes each of the following:
- Division of retirement assets: Your retirement assets are likely going to be considered marital property, meaning that they’ll be subjected to equitable, meaning fair, division in your divorce. That can put you in a difficult spot when it comes to securing the retirement that you need and want, especially considering that you may not have as many working years ahead of you as you need to replenish your retirement accounts. So, be careful here, and be sure to have a plan to secure the assets you need to protect your retirement.
- Securement of spousal support: If you gave up your education and career to raise a family or to support your spouse, then it’s going to be hard for you to become self-sufficient once your divorce is finalized. You might struggle to find a job, and the one you do obtain could pay far less than needed to maintain your marital standard of living. In these instances, you could be warranted in seeking spousal support. If you succeed in obtaining this support, then you can find some financial stability while you focus on becoming self-sufficient.
- Obtainment of health insurance: As you age, your medical needs will increase. If you don’t have insurance, then your finances can be devastated. Many people who go through a gray divorce find themselves without insurance coverage since they were protected under their spouse’s policy. If you have to go out on the open market to buy a policy, then you could be in for a shock, as prices for these policies can be several hundreds of dollars a month. You should take this into account as you try to negotiate an appropriate divorce settlement.
- Division of sentimental assets: You’ve accumulated a lot of assets over the years. Parting with them can be difficult in a gray divorce. While some of these assets have significant financial value, others only carry sentimental value. Either way, you need to find a fair and favorable way to divide those assets that are important to you.
Be prepared to advocate for your interests in a gray divorce
Navigating divorce later in life is challenging, to say the least. We know that you can feel bombarded with issues that have to be addressed all at a time when you’re struggle to cope with the emotional realities of your situation.
Although it may not seem like it, you can find relief and build an effective divorce legal strategy. To find out more about how to do that, please continue to read our website and educate yourself on the divorce process.