Divorce happens regardless of how long the marriage has lasted.
Gray divorce, which typically refers to people ending a 20- to 30-year marriage, continues to rise. This type of divorce often comes with additional considerations.
While finances play a role in any divorce, it has a greater impact on people getting closer to retirement age. Along with finding a way to equitably distribute assets and deciding what to do with the family home, alimony, retirement funds and social security also take center stage. If one spouse brought in less income, that will have a major impact on the divorce. Depending on the circumstances, a spouse may stay eligible to draw from the other spouse’s security. Distributing retirement funds often comes with tax implications.
Impact on adult children
Although many gray divorces have the added ease of not having to determine custody and child support, it still greatly impacts adult children. Along with an emotional toll, an adult child still dependent on the parents may create extra nuances.
Expenses associated with living alone
After years of marriage, the thought of living alone may feel exhilarating or terrifying. Beyond the emotional part of having to rethink a lifestyle, financial situations also arise. After a divorce, both spouses will have much less money to live off of. Many people also have to take on expenses they did not have to before, such as paying for health insurance.
Every divorce comes with bumps in the road, compromise and struggle. For some, divorcing in the later years creates additional concerns.