What are some unique characteristics of a gray divorce?
When you choose to divorce your spouse after the age of 50, a process commonly known as gray divorce, you may have a different set of worries and expectations than younger people who choose to end their marriage.
Knowing why gray divorce is unique and how it can influence your life will help you to make the best decisions possible after the split is final.
More assets to divide
According to Psychology Today, older people may find it harder to divide up personal assets like stock options, retirement savings and property. The more time you have to make money over the years, the more likely you will struggle to figure out who should keep what during a divorce.
Discussing these matters can lead to stress and confusion, since both parties want to retire comfortably and not worry about being in debt. In some cases, you may also need to account for contributions outside of just income, such as a stay-at-home parent.
Fears about starting fresh
Trying to determine where to move or budgeting with a different income can have you overwhelmed at what may be to come after the divorce process finishes. After so many years of building a life together, it can feel intimidating at first to break the news to your adult children or change your life-long spending habits.
Questions about how to keep your health insurance or other obstacles can also make you feel confused and seek extra help. As you age, your fears about starting a new chapter of your life can influence what choices you make in a gray divorce.