Gray divorce is a growing trend describing couples aged 50 and over who choose to divorce. While the trend is increasing nationwide for several reasons, it presents challenges and problems unique to this demographic. Below are three common errors often seen in gray divorces, along with how to avoid making them.
Failing to expect financial consequences
One of the most significant mistakes among this demographic is a failure to understand the potential financial implications of their divorce. After years of shared financial responsibilities, many fail to recognize how much they depend on the other spouse and how dividing their assets and liabilities will impact them.
Failing to put their well-being first
Divorce is an emotionally draining experience, and it does not get easier with age. It takes a toll on everyone, no matter how old they are or how old their children are, and people over 50 should ensure they are cautious with their mental and physical health during the process of divorce. Seeking counseling and getting a physical check-up with your primary care doctor is a good idea if you are contemplating divorce at this age.
Failing to consider estate plans
Believe it or not, many older couples who divorce sometimes forget about their estate plan, usually one that they created before they married or shortly after. Forgetting this can lead to catastrophic consequences, like leaving half your estate to your former spouse if you do not update your plan while you work on your divorce. If you divorce, you will probably want to change your beneficiaries.
Divorce is a challenge at any age, and going through this process at fifty or older presents unique challenges you should know about to make informed and educated decisions. Discussing your current situation and what you would like the outcome to be with your attorney is always one of the first things you should do.