Getting divorced later in life can be tough, and for many reasons. Unraveling your life from the one you’ve built with your spouse can be emotionally draining, and the financial realities of your situation could make you fear for your future. And if you don’t delicately navigate the intricacies of your divorce, you could be left in a precarious situation where your financial footing is unsound.
The financial challenges you could face in your “gray” divorce
So-called “gray” divorces, meaning those that occur later in life, have unique financial challenges that younger couples do not face. Therefore, as you head into your marriage dissolution, you’ll want to pay particularly close attention to the following:
- Retirement accounts: You may not have much time to replenish these accounts, which is why it’s critical that you ensure fair division of them.
- Health insurance: Buying your own insurance policy on the open market can be very expensive. You need to take that into account when discussing property division and spousal support.
- Alimony or spousal support: If you’ve sacrificed your career to raise your family or support your spouse, then you might be in a difficult position heading into the next chapter of your life. If you anticipate struggling to find a job or needing training or education, then spousal support will likely need to be addressed in your divorce.
- Inheritances: Determine if your inheritances are separately owned (and thus outside the bounds of property division) or if they’ve been transformed into marital assets and are thus subject to division.
Don’t lose out on your gray divorce
These are just some of the many issues that you’ll have to tackle in your divorce. To protect your future as fully as possible, you must adequately address each of them. If that has you nervous, don’t worry. You can find support to get through this tough time and hopefully secure the outcome that you want and need.