Divorce is an emotional time for anyone and takes some time to cope with and adjust to. For older couples, divorce after 50, also known as “Gray Divorce,” can prove to be even more challenging. However, these are not rare occurrences and, in fact, the divorce rate among those 50 and over has doubled between 1990 and 2014, according to the National Center for Family & Marriage Research. For couples over 65, the rate tripled within the same time period. How do older couples get through a divorce? Continue reading for some helpful tips on how to move forward.
Dealing With Divorce Later in Life
- Seek Help: There is no reason why you should have to endure your divorce alone. Unlike younger couples in their 20s, you have a lot more to lose and, therefore, are absolutely in need of an attorney as well as a financial adviser who is a certified divorce financial planner. These professionals will be able to help you understand your finances and assist you in figuring out when or if you will be able to retire. In addition to legal and financial help, it is not a bad idea to consider a therapist, divorce coach, or even a support group. Any one of these options will be able to help you field through the emotional aspects of your divorce.
- You Do Not Have to Go Through Litigation: Your divorce does not need to end up in a court room, especially when you probably have a limited amount of time and money. Fighting in court over unresolved issues with your spouse can be time consuming and expensive, which is why you might want to consider other options, such as divorce mediation or collaborative divorce. These approaches are less costly, more private, and often less time-consuming than going through litigation.
- Understand Your Finances: This tip is even more crucial for couples divorcing after 50. You are no longer in your prime income-earning years, so having a total financial picture before agreeing to a divorce settlement is a must. Property division and spousal support will likely have tax implications that can affect how much money you will have in the aftermath of your divorce. Understanding the big picture of your finances will also help you figure out whether or not you can afford to keep your house or if it would be wiser to sell it.
- Your Lifestyle Might Change and You Have to Accept it: Divorce almost always leads to a change in lifestyle, which is even more true for older couples for whom the change is often permanent. You are probably going to have to downsize your lifestyle, reenter the workforce, or delay retirement plans. You might also have to learn how to budget better. You might not like it, but if you do not face the facts and deal with your changed financial circumstances, you could outlive your income and assets in no time. It is better to accept this change now than suffer later down the road.
- Consider Getting Job: If you need to reenter the workforce or are underemployed and realize you might outlive your savings, now is the time to consider getting training or a degree to obtain a decent job. When considering your options, it is important to be practical. You will want to choose a program that will give you the greatest earning potential in the shortest amount of time. Even if you are receiving spousal support, saving as much money as possible while you are still able to can be an immense help to you in the future, ensuring that you will never have to fear outliving your assets.
No one can stop a divorce from having a financial, emotional, and legal impact on life, but the damage and effects of a divorce can always be minimized by taking the appropriate steps. Make good decisions now and you will be able to avoid a lot of hardship as you continue to move forward.
Divorce Attorneys in San Diego
Divorce is often a highly contentious situation, regardless of a couple’s age. If you have been served divorce papers, are considering filing for a divorce, or are already in the midst of one, you will need a skilled and experienced divorce attorney to assist you in navigating California’s divorce process. At Cage & Miles, our San Diego divorce attorneys have demonstrated continuously that we possess the ability to represent local families throughout our community with the utmost precision, skill, and diligence.
We can handle a wide range of divorce matters, including contested and uncontested divorce, mediation, spousal support, property division, and more.
Get started today and contact our office at (858) 943-2060 to request a confidential consultation to discuss your case.