Ending a Colorado marriage at any age is a complex and stressful process, no matter the age of the two parties. However, it may be particularly challenging for individuals who are older and closer to retirement age. There are specific things that may be more difficult to navigate in a gray divorce, which is a divorce between two people who are age 50 and older.
Property division and a fair financial settlement is especially important in a gray divorce. Because the two parties are nearing the age where they will stop working and begin living off their savings, every detail of the final order matters. If you are older and facing the prospect of a divorce, it is in your interests to learn about the challenges ahead and find out how you can fight for the most beneficial outcome possible.
What’s ahead?
Even if you and the other party resolve to work together amicably and reach a fair divorce order through negotiations and discussions, you will still face challenges. Some of the things that may be difficult for you in the months ahead include:
- Division of assets – If you are divorcing after decades together, it will be challenging to fairly divide your marital assets. Each party may have strong emotional ties to his or her property.
- Considerations for adult children – Even if your children are grown and living their own lives outside of your home, divorce will be difficult for every member of the family.
- Insurance concerns – Health insurance is particularly important for older individuals. If you are on your spouse’s health care plan, you would be wise to identify how you will pay for your own coverage in the future.
- Addressing your retirement savings – Fair division of your retirement assets is essential as you approach your golden years. You may have to work longer, adjust your plans and fight for specific things you will need.
Your divorce will be emotionally challenging, but it is crucial not to allow your emotions to influence important decisions. When considering terms or in discussions, it will be beneficial for you to keep your focus on what will make the most sense for you long-term. Remember, the choices you make now will have an effect on virtually every aspect of your life for years to come.