Divorce affects people of all age groups, and serious problems in a marriage might lead to those over 50 filing for a dissolution in an Arkansas courtroom. Financial concerns will likely weigh on the minds of all spouses seeking to end a marriage, but older persons might have greater concerns. So, anyone involved in a so-called “gray divorce” may benefit from thinking about their financial situation.
Finances and gray divorce
When an older person divorces, they may face a limited window between the time working and retirement years. Older persons might have difficulty seeking a job if they’ve been out of the workforce for too long or if they worked in a less demanding job that did not help them develop valuable skills. Such problems could make a gray divorce more stressful since one spouse was previously secure in a two-income household. Now, the spouse looks at surviving on one income after the marriage.
Various other expenses could impact someone after a gray divorce. The person may have financially struggling children returning to the home, and elderly parents might require care. The person could also face personal healthcare costs and other expenses that might affect their finances.
Gray divorce and retirement
There are several things worth considering when planning to divorce. Devising a post-marriage budget could be helpful. Scaling back living expenses might reduce financial burdens. Perhaps selling the family home instead of overspending on upkeep and taxes is advisable.
Procuring a fair settlement during the divorce may support a healthy financial life in the years after the marriage. An equitable distribution of assets and a reasonable alimony amount may have value. The same applies to marital debts as well.