Going through a divorce at age 50 or older is on the rise. But do couples who dissolve their marriage later in life have an easier or more complicated process? How does a gray divorce differ from other types of divorces?
Here is what to know:
More assets are involved
Chances are a couple going through a gray divorce has more assets than a younger divorcing one. These include properties, businesses, stock options, life insurance, retirement benefits and so on. Accordingly, they may have a more complicated property division, particularly when it comes to unique properties like retirement and social security benefits.
However, when a couple is informed and opts for an amicable process, property division in a gray divorce can be more straightforward.
Mental health effects are not uncommon
Anyone going through a divorce can experience mental health effects, including anxiety, depression, sadness, loneliness and grief, among others. However, these effects can be worse in gray divorcing couples.
For starters, after the division of assets, the parties may not have enough to sustain their living standards. Thus, they may need to keep working. Typically, someone above 50 may be concerned if they can work to support their life as they did when they were younger. The party ordered to pay spousal support may be frustrated and the party receiving it may be worried about what can happen if, for any reason, the support stops.
Additionally, many people going through a gray divorce are worried about their dating life. Will they find a new partner or will they stay alone forever?
Therapy and self-care can be crucial during this time. It can also be beneficial to join local support groups and spend more time with loved ones.
Gray divorces can be more complicated, but you can smoothen your process with practical tips. Get legal help to make informed decisions.
