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What to consider when considering gray divorce

On Behalf of | Aug 17, 2021 | Divorce

Colorado residents over the age of 50 still have a lot of life to live in most cases. As a result, as they begin to consider the latter half of their lives, they may think of what has made them unhappy during the first half and how they could change those things going forward. For you and many others, you may find that ending your marriage could cut out some of the unhappiness and dissatisfaction you have felt over the years.

Though you may not consider yourself as graying, the term “gray divorce” would apply to your case if you chose to end your marriage after the age of 50 because it involves individuals who are closer to retirement age than not. Terminology aside, the effects of divorce when approaching retirement years could also affect you differently than younger individuals.

What to take into account

Though the idea of such a major change later in life can seem daunting, it is not impossible. In fact, more and more people over the age of 50 are taking the steps to end their marriages in hopes of living out the rest of their years in a better state of fulfillment. However, it would be unwise to think that the situation will simply work out perfectly on its own, as ending a marriage and maintaining your financial stability will take work. Some matters to take into consideration include the following:

  • Where you get your income: Do you have a steady income that could support you on your own? Could you need spousal support?
  • What you plan to do for retirement: Do you have a substantial retirement account that could see you through your retirement years, or were you planning to use some of your spouse’s funds as well?
  • Who covers your insurance: Do you pay for your own insurance policy, or do you rely on coverage provided by your spouse or spouse’s employer?
  • The financial stability of your children: Are you still supporting any of your children, and if so, would that support need to continue after the divorce?

Knowing how such a major change in your financial standing could affect your affairs and what you would need to start paying for on a single income could go a long way in helping you prepare. When it comes to divorce preparations, knowing what you want, what your options are, how to build a sustainable future and where to get help with the process may allow you to move into the second half of your life confidently.