Special Considerations for ‘Gray’ Divorce

Many older couples in North Carolina feel they no longer have much in common after the kids are out of the house. As a result, gray divorce is becoming more and more common. According to researchers from Bowling Green University, people over 65 making up approximately 10% of divorced couples.

If you are considering getting a divorce as an older adult, you may have different concerns than younger couples. Here are a few things to consider specifically relating to gray divorce:

• Retirement: If you are considering retirement soon, you should consider how to divide up retirement accounts, pensions, and other financial accounts. You should also think about how you will afford your living expenses alone if you retire and get divorced.
• Minor and adult children: If you still have minor children, you will need to address child custody and support in the divorce. However, even if your children are over the age of 18, the divorce may still affect them emotionally and financially. It is important to let them know that you are there for them if they are having a hard time accepting things. If you are planning to help your adult children with college, housing, or wedding expenses, make sure you account for these expenses in the divorce or delay your retirement.
• Property division: Older couples are more likely to have valuable marital assets, as they have had more time to accumulate wealth. While you may be attached to certain items for sentimental reasons, think about which assets are practical to keep. For example, it may be difficult to afford to maintain your family home on your own without help from your spouse.

If you are getting a divorce and are over the age of 55, it is important to make sure you protect yourself. Making smart decisions now can lead to a peaceful future.