Gray divorce is a term used to refer to divorce among couples in their 50s or older. Although you may feel young, if you are closer to the end of your career than the beginning, it pays to consider a few particular points.
The crucial financial issue in a gray divorce is that you have fewer years of earning to recover from any economic damage your divorce does. However, as you get older, you acquire more wisdom and experience, so making money may be simpler than when you were younger. You may also have fewer financial needs if your kids have already left home and been through college. Once they are financially independent, so will you be once your marriage ends.
Health care can place unexpected demands on finances when you are older
The one major issue that could wreck your plans to live a lower-cost lifestyle for the rest of your years is ill health. If you do not have adequate health insurance, the bills could soon destroy your savings. If you are currently insured on your spouse’s policy, you need to look at the cost of an individual policy. Remember, insurers use age and previous medical history as reasons to increase policy prices. They might even refuse to insure you altogether.
The major advantage of divorcing when the kids have grown up is that you do not have to worry about custody or child support issues. However, that does not mean your divorce will be easy on your family. You may find your split upsets your kids more than you think, especially around holiday times when they can no longer sit around the table with Mom and Dad. If you can settle your divorce amicably, it will be easier for everyone.