Getting divorced at any age can be tough given the emotional realities involved and the extent of the financial transaction at hand. Yet, for older adults, divorce can re-shape their future in unimaginable ways. This is considerable, too, given that a significant number of people aged 65 and older will seek or otherwise be subjected to what’s referred to as a “gray divorce.” If you fall into that group, then it’s imperative that you know the unique legal issues you could confront in your divorce, otherwise you might wind up subjected to an outcome that hinders your ability to live the post-divorce life that you want for yourself.
What unique legal issues will you need to face in your gray divorce?
Any divorce can have a handful of contentious issues that have to be addressed. But in the context of a gray divorce, the stakes can be even higher. If you’re preparing to go through divorce at a later stage in life, then you should be prepared to appropriately advocate for yourself when dealing with the following issues:
- Division of retirement accounts: If you’re older, then there’s a higher chance that you have significant retirement assets built up. How they are divided can dictate what your future looks like, especially given that you may not have enough working years left to replenish the retirement funds that you lose. Therefore, you’ll have to be careful with how you handle these assets in your divorce, ensuring that you receive your fair share of them under the circumstances. Keep in mind, too, retirement assets have to be divided in a specific way, otherwise they could be subjected to additional taxation.
- Alimony: Spousal support can be a major issue in many divorces. For older individuals, though, it can be even more contentious given that the spouse who seeks alimony may not have the time or resources necessary to become self-sufficient. This can put the paying spouse on the hook for a significant period of time, thereby disrupting their financial stability for a long time to come.
- Insurance: Purchasing insurance coverage on the open market can be incredibly expensive. If you don’t take that reality into account when trying to settle or litigate your divorce, then you could end up paying more in insurance premiums than you ever expected.
- The family home: If you and your spouse have lived in the martial home together for a while, then there’s probably a lot of sentimental attachment to it. You’ve probably also built up a lot of equity. This can make the family home the most valuable asset in your divorce. While you might be tempted to fight to keep it, doing so may not be in your best interests given the high costs associated with maintaining a residence on your own.
- Your mental wellbeing: A divorce can take a toll on your emotional and psychological wellbeing. The impact can be amplified if you’re in a long-term marriage or you’re later in life. To get the most out of your divorce, you have to know how to protect yourself, including your mental health. So, don’t be shy about seeking out counseling or support groups to help you get through your marriage dissolution.
Be prepared with a solid divorce legal strategy
We know there’s a lot to deal with when navigating a gray divorce. But don’t let the anxiety and uncertainty of it all paralyze you into inaction. You have to be proactive to shield your interests and build the future you want for yourself. That’s why now is the time to carefully think through your legal options so that you can develop a strategy that works for you.
