A decision to enter a “gray divorce” may surprise friends and family members. The term refers to a divorce between two people over the age of 50, and such divorces may come with additional concerns younger persons might not have. Older persons entering divorce proceedings in New York may have worries about their retirement and other financial issues. Taking steps to protect oneself might become a priority.
Considerations for a gray divorce
A gray divorce might involve more planning since the spouses could arrive at their retirement years. Working through an equitable settlement of financial assets could be critical when someone hopes retirement savings and investments will carry them through the golden years.
Closely related would be issues regarding debt and taxes. A divorce settlement could establish who pays what obligation and how much. One spouse might not wish to become locked into joint debt amassed by a profligate partner. A settlement may free one spouse from financially crippling obligations.
Adjusting to single life could be incredibly challenging for someone leaving a marriage after many years. New concerns may involve health care coverage, and spousal support payments might be necessary to cover those premiums. In addition, there might be additional insurance policies requiring budgeting and payments, including auto and homeowners.
Moving forward with a gray divorce
At some point, it may be advisable to review every asset and liability associated with the marriage. Doing so could help not only when negotiating but also when the divorce proceedings end. A newly single spouse, particularly an older person, might find better budgeting makes newly single life more affordable.
Doing so may involve taking a serious look at the family home. Living in the property might become too expensive. Some might find selling the house turns out to be the better move. Ultimately, many steps require planning to make life after a gray divorce less straining.