A significant percentage of marriages end in divorce. While the majority of marriages last, people from all different circumstances may find themselves contemplating divorce or responding to a surprise filing from a spouse.
Particularly when the spouses are close to or past the age of retirement, concerns about divorce complications are relatively common. Any divorce that occurs when people are in their 50s or later could be a gray divorce. A gray divorce is different from other divorce proceedings because it involves older spouses who have spent decades together before the divorce. As such, there are some unique issues that spouses have to address as they prepare for gray divorce.
Retirement planning
Many people preparing for retirement established plans based on marital arrangements. They expect to share their savings and also their financial obligations. The older people are when they decide to pursue a gray divorce, the more they may worry about their ability to afford retirement. People may have to make significant adjustments to their plans by investing more aggressively, working for longer or even altering their living arrangements.
Health care concerns
There are two main ways that worries about medical matters manifest in a gray divorce. When one spouse did not work full-time or stayed home to raise the couple’s children, the dependent spouse may feel very anxious about their eligibility for Medicare coverage. Thankfully, dependent spouses can qualify for Medicare benefits based on their spouses’ employment history. Provided that the marriage lasted at least 10 years, a stay-at-home parent or dependent spouse can secure Medicare coverage.
People may also worry about living independently as they age, particularly if they already have pre-existing medical conditions. They may need to live with family members or look into a roommate or assisted living arrangement to ensure that there are people on hand to monitor and support them.
Long-term asset division
The longer that people stay married, the more marital property they accumulate. Complex marital estates that include homes, retirement accounts, vehicles and other valuable assets can be difficult to divide. Spouses may have trouble identifying separate property. Valuing assets can be a challenge. Spouses may also disagree about how to split their ownership of assets and their responsibility for marital debts.
People preparing for gray divorce often need help throughout what could be a relatively complex divorce process, and that’s okay. Identifying unique complications and working with a skilled legal team early can help people push for the best possible divorce outcome, even in a gray divorce scenario.