Older Couples Are Divorcing After Decades of Marriage
Today, 16.7% Clinton natives are separated as divorce is no longer only something that happens to the very young or those suffering the consequences of a midlife crisis. According to the Pew Research Center, the number of Americans over the age of 50 seeking a divorce has more than doubled since 1990. In other words, elderly couples who have lived a long and happy life together are now choosing to go their separate ways after many decades of marriage. Thus, leading many to question: What happens next? Here’s what senior couples should consider when divorcing at this age, as well as their families.
Yes, Divorcing Near Retirement Impacts Your Finances
Planning for retirement takes years if not decades. Chances are good that you started saving for your retirement around the same time you started working. Over the years, the nest egg you have built up has become large enough to support you for retirement. It is important to expect that finances will shift after your divorce.
While independent living is still fully possible, you may need to adjust your expectations. Traveling may not be as likely, and you may have to consider different living arrangements. It may not be possible to afford your own home in your silver and golden years once you divorce. That doesn’t mean that there aren’t plenty of attractive options available. You just need to have realistic expectations about how splitting your finances with your spouse will impact your comfort levels when you retire.
Spousal Support Is Still An Option For Some
If you don’t have considerable assets, you may worry about what divorce could mean. Some couples live entirely on the pension of one spouse. Based on the situation in your marriage, that should not stop you from seeking a divorce. While spousal support, also called alimony, is less common now than it was in the past, it is still ordered in cases where one spouse retains most of the assets.
Let’s say your spouse has a pension and you do not, the courts may divide the account or order spousal support. Every time your ex-spouse receives a payment, a portion of that will come to you. That situation can help ensure you have ongoing income in financial security in your later years.
Making a Fresh Start
It is never too late to start over. Many people end up considering divorce after a long time due to changes in circumstances. Others just want to make the most of their retirement years. Whatever the reason, the increased rate of so-called gray divorces is helping reduce the stigma attached to them.