Gray divorce, a term coined for divorces between older couples, isn’t spoken of often. This is likely due, at least in part, to the fact that people tend to think these decades-long marriages will last forever.
If you’re going through a gray divorce, you may start to notice how much it will change your life. You’re splitting up from a partner you’ve had for a while, which is a major change. You may find that some of your social circles change. One of the biggest changes you may go through has to do with your finances.
Why are finances impacted so much?
When you and your spouse created your retirement plans, the figures were based on the need to support one household with the funds. Going through a gray divorce, you’ll recognize that those funds may not be able to support two households.
For some people, a gray divorce means they have to make the choice between lowering their standard of living or returning to work. This may not be an easy decision for you to make, so it’s critical that you think logically about what each one will entail.
One of the most important things for you to do if you’re going through a gray divorce is to work with someone who can help you explore the options you have. This may include various property division options, so be sure to consider each one carefully. Your goal should be to set yourself up in the best financial position possible.