When you divorce later on in life, you may face unique considerations that other, younger people navigating divorces may not. For example, while younger divorcing couples may have concerns about child custody and child support, among other areas, you may feel more focused on other matters that become increasingly relevant later in life.
What sorts of considerations become more relevant when you are working your way through a gray divorce?
Having to divide assets is not unique to older couples. However, the chances of you having amassed considerable assets you now need to divide are higher when you have a lot of life already behind you. Examples of assets you may need to split during a gray divorce include homes, savings accounts and retirement accounts.
Dividing retirement benefits and plans is often complex and time-consuming. Depending on circumstances, you may need to secure something called a Qualified Domestic Relations Order that dictates how you divide these benefits.
Social Security considerations
Courts do not divide Social Security benefits like they do many other types of benefits. However, depending on the length of your marriage and your age, you may be able to collect benefits from your spouse’s Social Security without lowering the amount your ex receives. If you meet age and marriage duration requirements, you may also be eligible for survivor benefits, should your former spouse die.
While these are some of the divorce-related areas that may become more relevant when you divorce later in life, this is not an exhaustive list of all special considerations a gray divorce may involve.