A gray divorce is any divorce that takes place after the individuals involved are 50 years old or older. This is generally seen as a divorce later on in life, whether it is a first, second or even third divorce.
If you do get divorced at this age, there are a lot of different financial hurdles you may run into. It’s important to know what to expect so that you can prepare for this.
Your retirement plans may change
For one thing, you and your spouse may have been thinking about retiring in the next 15 years or so. These plans may need to change if you’re getting divorced. You’re no longer sharing your retirement funds, or you need to know how to divide those assets during your divorce.
Your cost of living goes up
Additionally, it simply costs more to live as two single individuals than as a couple. The most obvious example of this is that you may be sharing a mortgage right now, whereas you both need a mortgage after the divorce. Even if both of you are earning the same exact amount of money, it’s not going to feel like it goes as far.
You have less time to make it up
Finally, at your age, you don’t have as long to make up for these debts or earning losses. You may need to take quick action, and that’s why it’s so important to be well aware of your legal rights when dividing assets. You need to know that you’re getting what you deserve so that you can keep your life on track financially. It may help to work with an experienced team.