Many people assume that long-term marriages aren’t going to end — yet plenty of people over 50 years of age eventually find that their marriages just are not working. There are a lot of reasons for this, but it’s likely that the two adults have simply grown apart over the years and aren’t happy with each other any longer.
There are some unique challenges that come with divorce at this later stage in life. This is due, in part, to the fact that there isn’t ample time to recover from the financial losses caused by the split. By the time someone hits this age group, they aren’t likely going to be able to work overtime or get multiple jobs to be able to replenish the retirement accounts.
When a grey divorce occurs, the financial stability of both parties is cut because the retirement accounts that were intended to support one household will now have to support two homes. The division of these accounts can be rather complex, so that can make the divorce even more difficult. There’s also the matter of the adult children who might not understand what’s going on. They may also feel the need to help their parents through a rough time, which can put a lot of stress on them.
For some people who are going through a grey divorce, health insurance is another battle to fight. If both spouses have their own policies, this isn’t an issue. If only one spouse has insurance that covers both adults, the one being carried on the policy will lose coverage when the divorce is finalized.
Working with an attorney who is familiar with the issues that are common in grey divorce can help you to protect your interests. This is important since you need to walk away in the best shape possible after the split.
