Many older individuals are getting divorced. Studies show that between 1990 and 2014, the rate of newly divorced people age 50 or older has doubled. Gray divorces, as they are called, can be significantly different from divorces of people who are younger. Along with the fact that older individuals tend to worry less about issues related to child custody and support, senior divorcees are often more concerned about how to handle retirement.
Retirement and issues related to it are often a focus because people have less time to replace savings funds. Many individuals who are married assume that they will have two retirement accounts to rely on when they stop working. However, after a divorce, older individuals may need to push back their retirement date or figure out a way to live on less.
Individuals who end their marriage when they are older may also need to consider working several years longer. Additionally, a divorcee may want to consider selling their home to keep living expenses down. These solutions may not be attractive, but a reduced income may necessitate it.
People who are going through a divorce should focus on doing what they can to ensure that their life will be as easy as possible following the end of their marriage. It may be tempting to fight for marital property that has sentimental value, such as a home, but this may not always be the best financial choice. A lawyer could help someone determine which assets they should peruse and help them make a case for these assets during negotiations.