If you’re over the age of 50 and considering divorce, then you might have some very real concerns about what your life will look like if you decide to dissolve your marriage. Child custody likely isn’t much of an issue, but property division can dictate your financial health as you head into your golden years. This is no small thing, especially given that people who divorce later in life can face a whole host of challenges.
The challenges faced in a gray divorce
It’s understandable to feel stressed out about your gray divorce. After all, the truth of the matter is that you simply don’t have the same amount of time to recoup any financial losses you may see in your divorce that a younger person would. This means that if you don’t fight to protect your financial interests, you could end up facing financial hardship.
This is a very stark reality for many people who go through gray divorce, especially women. This is because many older couples that get divorced these days lived during a time when, in many families, men were the primary wage earners while women either worked jobs that paid them less than their male counterparts or women stayed home to care for their family. This means that many women who are going through a gray divorce simply don’t have the experience and sometimes the skills necessary to obtain a job that will offset the financial losses they see in divorce.
There are other challenges in a gray divorce, too. Many people see emotional upheaval after ending a long-term marriage, and others fall into addiction and unexpected medical conditions on account of the stress of divorce. Inheritances, estate planning, insurance coverage, and even benefits provided by the federal government can all come into play.
You can minimize or eliminate these challenges
As scary as a gray divorce may sound, the truth is that it can pale in comparison to being trapped in a toxic marriage. Also, you can reduce or eliminate the risks you face during a gray divorce. You can enter property division negotiations with a sound strategy that focuses on what you want, and uses your spouse’s wants as leverage. You can also develop compelling arguments for alimony.
In the end, you just need to figure out how to successfully start the next chapter of your life. Legal teams like ours stand ready to help.