Older couples throughout California and the rest of the U.S. are increasingly choosing to split, even as overall divorce rates have been decreasing. It is important for people who are older to understand the potential pitfalls that can come with a “grey divorce.”
People who are older than age 50 when they decide to get divorced will have less time to save before they retire. At the same time, they may have to divide the money that they have saved for retirement with their spouses. This means that they might not have enough time to replenish their retirement savings and may consequently be forced to continue working longer. People who divorce after they have already retired may face added issues. Since they are no longer drawing incomes, these spouses may be left with little on which to live during their remaining years.
People who want to get divorced might also want to think about if they will have the necessary emotional support system. Friends tend to pick sides during divorces, meaning that people may have less support after a separation. Divorcees may also feel uncomfortable when socializing with friends who are still married, leading to further isolation.
While there are some pitfalls that might be associated with getting divorced after 50, some situations make divorce the only tenable option. Seniors who are thinking about getting divorced might want to talk to family lawyers for advice about options. If an individual decides to go through with a divorce, the lawyer may advise them of potential tax and other financial consequences. An attorney could ultimately help the client reach a fair settlement agreement.