Tips For Successfully Navigating A Divorce In Your Golden Years.
“Gray” divorce, or divorces of older couples, have been on the rise in recent years. In fact, couples over 50 are almost twice as likely to get a divorce today as in 1990. Today, 1 in 4 individuals getting a divorce is over age 50, and 1 in 10 is over age 64.
Of course, some of these couples are already on their second or third marriage, partnerships which have long been known to be less stable than first marriages, statistically speaking. However, more than half of gray divorces are now taking place between couples that are on their first marriage and have been married 20 years or more.
Experts point to several possible factors behind this uptick of first-time divorce in the over-50 set:
- Increased social acceptance of divorce. With the proliferation of no-fault divorce and the increased social acceptance of divorce, there is no longer the need to have a “good reason” to get divorced. Couples may not even be unhappy, but instead simply no longer in love.
- Increased financial independence for women. Women who have worked outside the home tend to have bigger Social Security benefits, making financial support during retirement less of a factor in deciding whether or not to divorce.
- Trend towards putting kids ahead of spouses. In recent years, there has been a huge trend towards treating kids as the center of a couple’s universe. This often occurs at the expense of the marriage, as parents put more effort into maintaining the relationship with their kids than with their spouse. When the nest is empty, many parents want to fly the coop too.
- Longer lifespans. Nowadays a 50-year-old might have 20, 30, or even 40 years of life ahead of them, offering plenty of time to form new relationships or simply enjoy life free of an unsatisfying relationship.
Successfully Navigating a Gray Divorce
When divorcing at an older age, you will be following the same legal process but you will have slightly different priorities than younger couples. You most likely will not have to worry about child custody and child support, but you will have to pay close attention to your finances, particularly with respect to retirement planning. Here are some brief tips that should help make sure your divorce goes smoothly.
Keep it Amicable. Typically, older couples who have grown apart don’t bear one another animosity and are able to keep good lines of communication open. This is important for several reasons. First of all, it will enable you to save on legal costs by using mediation instead of litigation. Perhaps more importantly, it will help both spouses to stay involved with their children’s and grandchildren’s lives.
Investigate Lifetime Alimony. Judges will often award lifetime alimony in cases where couples have been married 20 years or more and the supported spouse has made significant career sacrifices for the marriage. Be sure to consider whether lifetime alimony would apply in your case and how that would affect your future finances.
Hire a Financial Planner. The best way to ensure that both spouses will have their financial needs met following divorce is to hire a financial planner. This professional will be able to help you understand whether you can afford to keep the family home, how the divorce will affect your retirement date, how the divorce will affect your taxes, and what portions of retirement savings or pensions you may be entitled to.
