Divorce is often complicated, but a gray divorce can involve special challenges. Gray divorce is commonly defined as divorce between spouses over the age of 50.
Gray divorce is on the rise
According to the Institute for Family Studies, while divorce rates are lower, the rates of gray divorce are rising. Statistics show that the divorce rate for individuals age 65 or older in 2022 was 15%, which was triple the rate in the 1990’s.
Property division and finances are one of the main factors that make gray divorce so challenging. As spouses age together, they naturally accumulate more assets.
Additionally, quality medical care typically becomes a higher priority, which means having good health insurance is important. Social Security is another concern in gray divorce that is likely not a priority in divorce among younger couples.
If you are heading for a gray divorce, it is important to consider these and other issues in your situation and prepare accordingly. Here are some tips.
Retirement accounts and health insurance
Retirement accounts are often one of the biggest issues in a gray divorce in Georgia. You may worry about whether your retirement income is sufficient enough to allow you to live comfortably after retirement or whether you might need to return to the workforce.
Review your retirement accounts carefully and determine exactly how much you will need to maintain your standard of living. The unfortunate reality of any divorce is that it often means adjusting to a lower standard of living, even if only temporarily.
Consider reviewing your retirement situation with a financial planner who can advise you on steps to take to preserve or increase your retirement savings.
If you are covered under your spouse’s insurance, you will likely lose this in your divorce. Start planning early, whether for private health insurance or Medicare. Early planning prevents gaps in coverage post-divorce and allows you to include the cost of health insurance in your budget.
Consider if alimony is appropriate
Alimony is not awarded in every divorce and permanent alimony is rarely awarded anymore. Gray divorces are usually the exception. Alimony has a better chance of being rewarded in long-term marriages when one spouse has limited resources.
Georgia law allows alimony to be awarded in gray divorce situations. There are various factors a court considers when determining whether alimony is appropriate, including your age and the length of your marriage. It might help to learn your chances of receiving alimony.
Remember to take advantage of your support system and prioritize your mental health. Divorce after many years together can have a substantial impact on your emotional and psychological state. Counseling or therapy can help you through this difficult time.
Talk with your adult children
Connect with family and friends who offer their support. Gray divorces often involve adult children. Although they are adults, tell them about your divorce plans and break the news gently.
They will likely still have feelings about your divorce and want to talk about them with you. Do not shut them out or assume that your divorce will not affect them because they are adults.
Divorce is never easy and gray divorce can be particularly complicated. Having guidance and advice helps you learn what to expect as you move through the process.