Divorce is less popular than it once was. The exception is divorce among the over 50s, which has doubled over the last twenty years. Some predict it will increase further due to events of the past year.
Many people received a harsh reminder they will not live forever and that the time to enjoy life is now. Many spent more time than usual with their spouses and realized it did not make them happy. If this sounds like you, then you, too, might want to consider divorcing.
What do you need to consider if divorcing when older
Fifty is not old, yet it leaves you fewer earning years to repair the damage divorce can do to your finances and less time to put money aside for your retirement. Hence, you need to gather as much information as possible before deciding whether divorce is the right path to take. Here are a few things to evaluate if considering a gray divorce:
- What happens if I fall ill? Divorce could lose you your right to health insurance if reliant on your spouse. It could also mean you need to pay for assistance that your spouse might naturally provide.
- What kind of life will I be able to afford? It is easy to dream of your newfound freedom and the fun you will have. Yet, if you need to pull 14 hours shifts seven days a week just to pay the bills, single life might not be so much fun.
- Will my children still receive the same inheritance? It is more of an issue when there are children from former relationships.
Divorce could be the best decision you ever make. Yet, to ensure it is, you need to conduct an honest review of your situation. Once done, you can construct a plan to get the divorce outcomes you need to fund your future.