The dawn of a new year often means people choose to end their marriages. The phenomenon of January being called “divorce month” stems from an apparent statistical uptick in family law cases. While any divorce is challenging, it is often harder is if it is an older couple.
The so-called “gray” divorce refers to those 50 and older. Since people are living longer and healthier lives, it is common for them to decide that they do not want to spend their retirement years in an unhappy marriage. They need to be ready for the challenges they will face.
Recognizing and addressing the issues related to gray divorce
In a gray divorce, finances come to the forefront. Statistically, a man’s standard of living drops by more than 20% after this type of divorce. For women, it’s even worse at around 45%.
Since 1990, people over 55 have seen the divorce rate double. Although women have been found to pursue the divorce more than men, their financial circumstances tend to be far worse.
Preparation for a gray divorce includes understanding what can happen and taking steps to mitigate the damage. People who have grown accustomed to a certain lifestyle need to adjust their expectations. There will be costs they might have split before or not paid at all including utilities, rent, and insurance.
Older people tend to own a home. Along with its financial value, there is often sentimental value. Perhaps they raised their children there. But retaining the home carries with it costs they might not be able to afford after the divorce. Selling it and splitting the proceeds could be preferable for both sides.
For some, retirement accounts are suddenly part of the divorce. If a person worked and is close to retirement or has already retired, they could be reluctant to split their retirement proceeds. Since Mississippi is an equitable distribution state in which marital property is divided in a way the court deems fair but might not necessarily be equal, it is imperative to pay attention to how valuable items like real estate, jewelry, automobiles, and collectibles will be split.
Older people getting a divorce should understand the challenges they will face
Divorce is difficult at any age. Combining that with the frequency with which people decide to get divorced at the start of a new year makes it important that those who are in a rocky marriage understand the landscape. A gray divorce carries with it financial and personal ramifications. In a family law case, preparation can be essential to reaching a positive outcome. Having experienced guidance from the outset can help.