Three Significant Concerns of Gray Divorce

 Posted on April 14, 2016 in Divorce

Everyone deserves to be happy, no matter your age. If you are 50 or over and considering divorce, you are not alone. In fact, divorce among couples older than 50 is so common in America today, it has earned it’s own name: “gray divorce.” According to a study conducted by Bowling Green University, the rate of gray divorces doubled between 1990 and 2010. Why? Some couples choose to wait to separate until their children are out of the house. Others may be in their second or third marriage, a group that has an even higher likelihood for divorce. The baby boomer generation is also healthier, more active, and expected to live longer than previous generations, so perhaps today’s older couples at 50 or 60 years old feel they still have a long life to live, and are unwilling to be unhappy in their marriage. Whatever the reason, a divorce attorney can help you navigate the divorce process, and help you deal with a few common challenges couple’s going through a gray divorce often face. Here are three potential struggles you may face divorcing at an older age.

Retirement Challenges

Attorneys say that one of the biggest challenges aging couples facing during divorce is a shift in their retirement. A majority of married couples do not plan on divorcing, so having to change retirement plans can be a shock, especially for couples who are approaching retirement age. In Illinois, assets are split equitably, which may mean that you and your spouse are left with half of your shared retirement savings. For wealthier couples, this may pose less of a challenge, but many other couples should expect some type of lifestyle change. Lawyers even say some may have to postpone retirement or change their plans all together, depending on their financial situation.

Financial Independence

It is common for one spouse to be the “money manager” of the relationship, and the other spouse to handle other considerations. Divorce at any age means both spouses will be responsible for their own finances. If you are divorcing at an older age and rely on your spouse’s income, you may be forced to find an income of your own when you are single. While women and men both commonly work nowadays, older generations of women may struggle with this shift, as they may not have worked while raising children or managing the household.

Healthcare Concerns

Healthcare is another major concern for couples going through a gray divorce. One spouse's coverage that may have taken care of both spouses will likely not extend past divorce. Couples are encouraged to review their health insurance policy ahead of time and plan ahead for future coverage if changes will be made. Attorneys even report some couples splitting but still remaining legally married simply to maintain shared health insurance.

Help Is Needed

Gray divorce has unique challenges, but none that cannot be overcome with the help of qualified support. Meeting with a financial advisor is an excellent place to start. A financial specialist can review your finances and help you plan for future changes. Additionally, you need the help of a qualified divorce attorney to ensure you get a fair settlement and your divorce is handled correctly. Divorce is a stressful process, but the experienced DuPage county divorce attorneys at Pesce Law can help simplify the process and relieve your stress. We will work vigorously to ensure a beneficial outcome from your divorce case, no matter your age or finances. Call 630-352-2240 today to learn more about our many effective, affordable options.

Source:

https://www.washingtonpost.com/business/get-there/gray-divorce-can-put-split-couples-into-the-red/2016/04/08/1fa02dda-fc09-11e5-9140-e61d062438bb_story.html