Gray or silver divorce, as it's often called, happens more often than you think. Senior couples in their 60's, 70's and even 80's call it quits in increasing numbers. When divorce happens, seniors must be prepared for some drastic changes in their lifestyles, but it may be all worth it. These are some things you must be prepared for when contemplating a gray divorce:
1) Spousal support may not always be granted because there simply may not be enough funds to go around, so don't count on it.
2) Retirement accounts are going to be cut in half, so you may have to significantly scale down your lifestyle.
3) Family residence may have to be either sold or awarded to one spouse with other assets awarded to the other spouse to even it out, which may leave you without the ability to keep the home.
4) Health insurance may be lost, which may play a huge role in your new budget.
5) Emotional Cost may be high. Although not a legal issue per se, the emotional cost of a gray divorce is high as you may be forced to move, find new friends, and deal with adult kids who don't understand your decision.
With good legal representation, despite the negatives, gray divorce may prove to be the best decision of your life. It mat give you the peace of mind you deserve in your golden years. With proper financial preparation and emotional support, you can transform your life. We work with senior clients to realistically evaluate their cases and strategize the most optimal results. Most gray divorces are settled. While we prepare each case for a trial, our goal throughout the case is to settle it.
More info on late-life divorce: https://www.nytimes.com/2015/10/31/your-money/after-full-lives-together-more-older-couples-are-divorcing.html?_r=0