The term “gray divorce” was coined to describe divorce during an individual's senior years. In this day and age, the divorce rate for those 50 years and older has doubled since 1990, according to sociologists at Bowling Green State University. Though remarriages are more likely to end in divorce, it was discovered that 48 percent of these divorces were after only being married once.
If you and your spouse have decided to divorce after years of marriage, Segarra & Associates has listed seven things that you should know about divorce in your senior years.
1. Alimony is Typically Granted After Long-term Marriages
Typically when young couples get a divorce, the alimony payments are temporary and only help their ex to get back on their feet after the proceedings. For long-term marriages, however, alimony is expected from working spouses and, in some cases, payments may be required to be paid for the rest of their lives.
2. Retirement Money will be Cut in Half
Regardless of who's to blame for the divorce, your retirement fund and other assets will most likely be split evenly between the two of you. You also have the option of paying more of your pension to offset alimony payments.
3. If You Keep the House, You are Giving Up Something Else
When going through a divorce, you may opt to keep your marital residence. However, this is not the best idea because the house possesses value. If you receive the house, your spouse may receive a greater share of the pension or a smaller alimony obligation. Houses also come with property taxes, maintenance expenses and other costs that may over extend already insufficient financial resources.
4. Older Children May Still be Factors
For couples under the age of 50, children are important factors to consider in divorce proceedings. Gray divorces aren't as concentrated on children in regard to visitation rights and child support; however, they are still a factor to consider.
There have been many cases in which adult children have been paid child support, typically if they have a disability or they're still in school. Also, older children are still negatively impacted by the divorce of their parents. It's best that you keep the reason of your divorce to yourself unless it will give your kids what they need to make sense of what's happening.
5. You Don't Have to be Friends with Your Ex to be Civil
It won't help you or the situation if you're bitter, but that doesn't mean that you and your ex need to be friends either. Whether in the proceedings or the aftermath, it's important that you both maintain neutral conversations and be as amicable as possible, despite the fact that emotions are high.
6. Make New Friends, but Don't Date Until Your Divorce is Final
During a divorce, don't isolate yourself. Keep your friends close and if you're interested in dating, wait until after the divorce. We also recommend attending community events or participating in volunteer activities as other possible outlets for social interaction.
7. Get a Prenuptial Agreement for Your Second Marriage
If you find another person that you would like to spend the rest of your life with, make sure that you get a prenuptial agreement. If you don't get one, you run the risk of having your retirement savings being divided even more if your second marriage doesn't work out.
At Segarra & Associates, P.A., we understand that divorce is not easy on anyone, especially those who are over 50. Our goal is to ensure that you move through this challenge as quickly and smoothly as possible with the help of one our dedicated Miami divorce lawyers. Contact us today for a consultation!