Since 1990, gray divorce has been on the rise. Couples who got married in their twenties, had children and raised a family suddenly find themselves wondering why they are still together after the kids have left the nest. In many cases, the love felt in those early years has faded away.
Some couples realize that the only thing they had in common was the kids. However, the idea of divorcing after the age of 50 can be terrifying for a lot of people. But, like with most life changes, a little bit of planning and preparation can go a long way to help you get ready for your new life.
Knowing what to expect can ease a significant amount of anxiety you might be feeling about getting divorced. Here are a few things you should know about gray divorce to help you transition to the next chapter of your life.
You will probably get alimony
When long-term marriages come to an end, alimony is generally a part of the divorce settlement. In cases where one spouse was the primary caregiver and homemaker, the court could grant alimony for life.
The retirement accounts will be split
Even if your soon-to-be ex-husband is at fault for the divorce, the retirement assets will probably be subject to a 50/50 split. During your marriage, the retirement assets probably seemed like enough to live on once the two of you decided to leave the workforce. However, these assets often take a hit in divorce and you could end up with much less than you anticipated.
Keeping the house will cost you
One of the most commonly fought over assets in a divorce is the family home. Many people, especially women, want to keep the house due to sentimental or emotional reasons. However, keeping the house may not be the best financial decision. For instance, you will have to give up other assets in order to keep the house. Also, you must consider whether or not you can truly afford to take over the mortgage payments, property taxes and other expenses the Lakeville property will incur.
Don’t move on too quickly
Some people are ready to jump back into the dating scene as soon as the decision has been made to end the marriage. While the idea of having someone to come home to while going through a divorce may seem comforting, it can actually have a negative impact on your other relationships. Instead of running out to find a new partner, cultivate current relationships with friends and family. These are the people who can help you the most during the divorce process.
If you are considering a gray divorce, the above tips can help you prepare and get through the process. Like with many drastic changes, it is best to plan and examine the various possibilities and consequences so that you can be ready for anything that comes your way.