Late-life divorce, also known as gray divorce, may have different financial impacts compared to divorce earlier on in life. Such financial impacts are especially common in women. However, there are various ways that you can protect your financial future and avoid other common mistakes in late-life divorce proceedings. Here are 10 tips for dealing with a late-life divorce.
10 Tips for Navigating a Late-Life Divorce
1. Understand that divorcing over 50 is not uncommon
For the over-50 age group, gray divorce rates are actually quite common and steadily increasing. Reasons for divorce for couples over 50 include simply growing apart from one another, retirement, need for self-improvement, or issues with active (or passive) lifestyles.
2. Have a professional and a personal support team
It will be incredibly helpful to have an experienced professional team during this process, which may include a qualified divorce lawyer, financial analyst, mediator, and individual therapist. These team members will be vital in determining appropriate courses of action and cutting down litigation costs. As for a personal support system, it is always beneficial to have surrounding friends and family members for moral support during this complicated process.
3. Create an inventory of assets
Before attempting to split up any shared assets between you and your ex-spouse, it is important to take an inventory of all your assets and liabilities. This may entail knowing what is in your bank accounts, keeping track of your retirement accounts and any life insurance policies. This step will also be useful to give you a more solid idea of how much money these investments hold and how valuable they are.
Related: How to Protect Your Assets in a California Divorce
4. Acknowledge the role that debt may play in a late-life divorce
Debt plays a major role in late-life divorce. For this reason, it is important that divorcing spouses obtain a credit report for themself and one another. This may reveal undisclosed debt or unknown credit card accounts that need to be dealt with. It is important to remember that divorcing later in life provides less time to retire debt, so if either spouse is facing debt-related issues, a divorce decree may not provide them 100% protection.
5. Consider the option of mediation
Mediation may be a viable option for dealing with a gray divorce, depending on your unique situation. A mediated divorce can also cut down on divorce costs, as well as the length of time associated with the divorce process.
Related: How to Set Up Divorce Mediation in California
6. Prepare for alimony
For younger couples of divorce, alimony agreements and financial support are usually a temporary matter until the less financially stable partner is able to provide for themself. For divorcees in later life, however, alimony may be a life-long ordeal. Alimony is typically determined on a case-by-case basis and can vary depending on the state. Additionally, for later-life divorce couples who more than likely have stable sources of income or paying jobs, it will be more likely that they will need to prepare to pay alimony.
Related: How to Calculate Spousal Support/Alimony in California
7. Find a comfortable living arrangement
It may be difficult to detach yourself from your marital home if necessary. Certain individuals may choose to buy a home to retire in, and thus it is important to have a plan and consider any associated costs and implications with this route. On the other hand, adults dealing with a gray divorce may be more comfortable arranging a living situation with family members or friends or opt for a retirement spot. Home is where you feel comfortable and where you will be able to deal with a new part of your life. Thus, it is of utmost importance that you find a comfortable living arrangement that suits your situation.
8. Acknowledge any negative emotions or mixed feelings from children
Explaining to children, no matter what age, that you and your spouse will be divorcing may be a difficult task. For this reason, it is important to help them understand why this divorce will be beneficial and transformative for you, so you may all cohesively move on from this process. For both you and your children, this experience may incite a wide range of emotions – including fear, uncertainty, and other similar feelings. Adult children can also get dragged into late-life divorces, so it is important for them not to feel as though they need to choose sides or that they are unable to express any concerns.
Related: Understanding Divorce with Children in California
9. Make a plan for retirement
For later-life divorcees, it may be useful to seek professional help in navigating the world of social security and retirement. For example, if either spouse is receiving social security benefits, they will be not divided equally between the two of you in a divorce. Additionally, a qualified domestic relations order (QDRO) is one method where certain retirement plans can be divided. For reasons such as these, it is important to understand and have professional advice when understanding other rules and regulations that can help contribute towards your own benefits.
Related: What Is a QDRO for Divorce in California?
10. Take the opportunity to appreciate this fresh start
Many adults who divorce later in life do so for this very reason: a new start. For many individuals, coming out of divorce allows for a new sense of flexibility. It is important for older divorcees to recognize that it is never too late to live the life they want.
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If you are seeking a gray divorce, contact us. One of our attorneys can give you more insight on tips for a late-life divorce. Get your free consultation with one of our experienced divorce attorneys today!