Couples often envision growing old together as a harmonious journey, sharing both life’s highs and the inevitable lows. However, for some, the golden years bring about a stark realization: it is best to walk the path forward separately. When children are grown and the distractions of raising a family fade, these couples are left to face an uncomfortable truth — that they no longer share the same interests and goals.
This scenario is becoming increasingly common, prompting many to consider a “gray divorce.” Divorcing after the age of fifty comes with unique challenges. Two of the most common are financial and the impact on adult children.
#1: Financial considerations when wealth is established
Divorcing later in life often means that the financial stakes are higher, as couples may have accumulated significant assets or may be nearing retirement. Important financial considerations at this stage in life could include:
- Retirement funds and pensions: Understand how these will be affected and divided. Legal mechanisms like Qualified Domestic Relations Orders may be necessary.
- Business interests: Review any business interests and determine how you want to move forward. Those who wish to retain ownership may consider offering up another asset of similar value in exchange for business interests.
- Estate planning: Update wills, powers of attorney, and healthcare directives to reflect your new circumstances.
It is wise to approach these financial adjustments with thorough planning and, ideally, legal advice to protect your economic stability post-divorce.
#2: Impact on adult children
It is not uncommon for parents to choose to wait until after children leave the home to move forward with divorce. Although the intent to help reduce the impact on children is noble, the reality is that news of the divorce may still cause emotional turmoil. While adult children might be more mature, they will likely still require some emotional support as they process the changes within the family dynamic.
Divorce after fifty requires careful consideration of both financial and familial aspects. By addressing these areas thoughtfully, individuals can manage the transition more smoothly and better ensure that the legal and emotional outcomes are as positive as possible.