Ending a marriage at any age is a difficult process. However, older couples often have a different divorce experience than younger couples have.
For instance, if you are 50 or 60 and getting a divorce, you may not be worried about child support, access or visitation. But you could indeed be concerned about matters like preserving assets and property, protecting relationships, and your ultimate retirement being potentially jeopardized. Thus, consider the following tips for preparing for a so-called “grey divorce.”
Meet with professionals
Often, older couples divorcing do so after a lengthy marriage or for the second or third time. In either situation, your financial position after the divorce can look very different from when you were married.
To navigate this difficult transition and make informed economic decisions, you can meet with a financial professional and a lawyer. These people have the knowledge and skills to help you manage financial matters like your property, pensions and business after a divorce.
Talk to your adult children
If you have children but they are out of the house, your divorce can still affect them in many ways. As one recent study found, mothers and fathers tend to become more or less involved in their children’s lives, respectively. Further, parents often adjust the financial support of their adult children.
While you need not disclose all the financial or personal details about your divorce with your children, talking to them about it can still be wise. They may have questions about things like where you plan to live or what will happen to inheritances, property or businesses.
Take care of yourself
Divorce is stressful and isolating, so it is crucial to take care of yourself during this time. And as we get older, we must be more deliberate about self-care.
Eating right, getting exercise and regularly seeing the doctor can help you stay healthy.
Staying connected can also be essential to your well-being. Spend time with friends and family; volunteer to help others in need; join local groups.
Starting the next chapter on the right foot
Divorce changes a person’s financial life, social connections and mental health. These suggestions can help older individuals cope with the unique challenges they may be facing to set themselves up for success and happiness as they start a new chapter.