Considerations for gray divorce

On Behalf of | Oct 4, 2021 | Divorce

Divorce is difficult at any age, but divorcing after 50, or gray divorce, can have its own set of issues. Residents of Pennsylvania who have decided to end their marriage should be aware of the considerations of gray divorce before taking the first step in the process.

The emotional impact on yourself and your children

There is always an emotional impact when a marriage ends. With a gray divorce, couples are often ending 20, 30, or even more years of a partnership. Many have children, whether younger or adult. In the end, everyone is affected emotionally. Before beginning the divorce journey, it is important to consider how the divorce will affect you and those around you to prepare yourself on how to handle it. Even with adult children, as a parent, you might need to have difficult conversations and offer them support even as you work through your own emotions and struggles.

Finances can be complicated

Divorcing after many years of marriage can result in additional complications when it comes to finances. In many cases, there are many more assets to divide and you are both much closer to, if not already in, retirement. As you consider divorce, you will need to focus on finances during and after marriage. Some of the things to consider include:
• Retirement accounts and pensions
• Social security benefits
• The family home
• Investment property
• Savings and investment accounts
• Any business you own with your spouse

As part of this process, you will need a plan. Creating a realistic budget of what your life will cost as a single person might provide you with a better starting point for divorce negotiations.

Divorce will come with many changes and will affect those around you, even, potentially, your friends and social circle. However, in the end, the decision to divorce will be based on what you need to be happy in your life.

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