How can gray divorce impact you?

If you decide to divorce in your later years, you may have questions and concerns about what life will look like after the end of the process.

While a lot of information about divorce focuses on younger people, you may wonder how it differs for you.

Retirement

According to Psychology Today, one of the major subjects most people going through a gray divorce think of is how to pay for life after retirement. You may not have saved much money with the assumption that your spouse would be with you to help you with the costs.

You could have also planned to live in another house or place with your spouse during retirement, but now have to change your original plan after the divorce.

Finances and assets

The longer two people stay married, the more their financial streams become mixed together. This can make it hard to determine who should get what if you both contributed over the years.

However, this can also bring up questions about health insurance, inheritances and Medicare. Learning about ways to get benefits and talking about what shared assets you both want to keep can help you determine what to do in the future.

Adult children

While younger couples may need a parenting plan, older divorced couples tend to have adult children who may or may not take the news of their parents’ divorce well. Being honest and direct about what is happening is the best way to break the news for adult children.

They may want to support you and your ex-spouse or may feel confused about why this happened. Learning more about the unique aspects of gray divorce can help you as you start your new life.