As you and your spouse age, you may find yourself discussing and contemplating divorce.
Gray divorce is becoming increasingly more common among elderly people, as many choose to end a marriage while approaching retirement years.
According to Business Insider, a large amount of seniors may struggle with finances in the event of a divorce later in life. Healthcare benefits are especially worrisome for financially dependent spouses who may have given up a job years ago to stay home and raise the couple’s kids. Many individuals do not expect to work after retirement, but divorce may potentially cut their savings in half. This monetary situation may force some people to give up trips or other planned activities.
Questions about retirement and social security benefit typically come up in any discussion about alimony. If you choose to remarry, you may find yourself wondering how to include your new spouse in your will.
Starting the divorce process may seem intimidating, which can cause you or your spouse to procrastinate taking action. The length of the process and possible involvement of a judge both depend on what kind of divorce proceedings you choose.
Collaborative divorces tend to take less time and focus more on conflict resolution, while litigative divorces last longer but are more thorough. You may either settle matters in court or with a third party, such as a mediator.
Although there are often not any minor children to worry about for custody issues, adult children may find themselves torn between their parents. Legal or financial disagreements within the family could occur, especially regarding estate planning or inheritance money. Discussing these topics with a third party can help eliminate that worry.