Decades ago, younger people tended to divorce more often than older adults. However, in the last couple of decades, the trends changed. In the U.S., the rate of divorce is highest for those between 55 and 64 years old. You are never too old to leave a relationship that does not work for you anymore. Likewise, you are never too old to enter a new phase in your life.
Gray divorce refers to the divorce between older couples. When you decide to embark on a divorce, there are specific challenges older couples face.
Health insurance
Many couples over 50 years old have only one person who works for the family. In many cases, one partner may have stayed home with the children and did not have a job for many years. During a divorce, one of the partners loses the other partner’s benefits, such as health insurance. Before the divorce, it is critical for you to think about how both of you will continue to have health insurance.
Asset division
After years of marriage, you probably have more marital property than you have separate property. When working through asset division, try to think fairly. While the judge can have the final say in a fair division of assets, you can also work with your former spouse to determine what means the most to each party. In some cases, liquidating the assets and dividing them makes the most sense.
When planning a divorce, think about all aspects of your life together. For couples who remained together for decades, it is always a more complex situation.
