Divorce among older adults, often referred to as “grey divorce,” has become increasingly common in recent years. If you’re over 50 and considering divorce, it’s important to understand the unique challenges that come with this life stage.
Financial considerations
One of the most significant concerns in a grey divorce is the division of assets. After decades of marriage, couples often have complex financial situations. These include retirement accounts, pensions, real estate, and other investments. In Indiana, the courts aim for an equitable distribution of marital assets. However, this doesn’t always mean a 50/50 split.
Spousal support, or alimony, is another important factor. In longer marriages, the court may award spousal support to help the other spouse maintain a similar standard of living post-divorce. The amount and duration of spousal support can vary based on several factors. This includes the length of the marriage and the financial circumstances of both parties.
Health insurance and medical care
For those over 50, health insurance and access to medical care are critical concerns. If you’re covered under your spouse’s health insurance, you’ll need to explore new coverage options post-divorce. Medicare may be available if you’re over 65. It’s essential to understand what’s covered and what additional coverage you might need.
Emotional and social impacts
By 2010, 27 percent of divorces were among those age 50 and older; by 2019, that number grew to 36 percent. Additionally, Bowling Green researchers found that 1 in 4 divorces were among those age 65 or older. Divorce at any age is emotionally challenging, but it can be particularly tough later in life.
The potential for loneliness and changes in social dynamics can be overwhelming. It’s important to seek support from friends, family, or a counselor to help navigate these changes. Additionally, social connections may shift, especially if you share a close-knit community with your spouse. Building a new support network can help ease the transition.
Preparing for life after a grey divorce
Grey divorce presents unique challenges. Ensure you have the resources and information needed to make informed decisions that will impact the rest of your life.
