Over the age of 50 and considering divorce? If so, you are not alone.
Financial freedom means having more options. As life expectancy increases and more households have two earners, a growing number of older adults are ending their marriages.
If you are like many people in this situation, you probably have questions. Here is an overview of later life divorce.
Financial concerns
Finances are often the biggest worry older adults have when it comes to divorce. Retirement savings and long-term investments can be top of mind. Other expenses might include overall health care costs. You may worry about whose insurance covers whom, and how that will work after the separation. Often, one spouse has more than one financial support obligation. It is also common for one spouse to earn significantly more than the other.
These factors can make ensuring the equitable division of marital assets a top priority for many divorcing couples.
Potential solutions
Despite valid financial concerns, there are options for older divorcing couples. You can often address the division of assets through legal processes such as estate planning and postnuptial agreements. Solutions such as these can offer alleviation of financial worries, and the benefits do not necessarily stop there.
Divorce is a family matter. Often, adult children of older divorcing couples become involved in the messy details. Having a plan or agreement in place can also make the situation smoother for family members the divorce may affect.
The future
No matter how wise you are, divorce is rarely easy. Not only can it be an emotionally trying time, but divorce can also lead older adults to question how to move their lives forward. You may have formed much of your identity through the person you spent years of your life with. Divorce can uproot that.
Support groups are one option to help you face the challenges of divorce. Many groups cater to specific ages, so it is easier to find people to relate to. Identifying what you want your future to look like can also help.
Remember: Divorce is the end of your marriage, not the end of your life.