As you get into your 50s, you may find yourself with a surprising amount of time on your hands. The kids are out of the house. Retirement is on the horizon, if it has not already arrived yet. And you may reevaluate the marriage you have had for possibly decades.
Gray divorce is on the rise these days, and there are many catalysts for it. Is it in the cards for you?
Unique risks of gray divorce
Business Insider sets out to provide tips for older couples considering gray divorce. After all, getting a divorce in midlife or later often holds unique hurdles that younger couples do not have to face. For example, you will need to work out how a divorce could impact your estate plan, including your will. You must also examine how to broach the topic with adult children, who often lack the flexibility and adaptability young children have.
Benefits and potential issues
Experts suggest looking carefully at the pros and cons of a split. On a financial and legal level, gray divorces often pose complex hurdles. This is particularly true if you and your spouse share joint assets. Likewise, it is hard to get back on your feet if you have expensive medical issues and a spouse provides primary support.
On the other hand, many gray divorces happen on amiable terms. There is a higher rate of uncontested divorce among gray divorcees compared to other age groups. Experts speculate this may happen because many gray divorces are a result of drifting apart over the years. As such, spouses do not hold strong resentment or negativity toward each other.
In the end, it is your life and your marriage. You and your spouse must decide on your best personal option together.