When Florida residents get divorced in their senior years, it’s referred to as a “gray divorce.” These divorces come with their own unique set of challenges that younger couples just don’t face – and most of those challenges come down to their finances.
What makes a gray divorce different?
The rate of couples in their 50s or even 60s getting divorced has only increased in recent years. Most of the time, the couples going through this gray divorce have been together longer – sometimes even for their whole lives.
Living your whole life with someone means having plenty of joint and possibly few independent assets. With your whole life and livelihood tied up in another person, it can often seem impossible to divorce and keep your finances safe.
There are plenty of other challenges that come with divorcing at an older age. It can seem impossible to plan for these challenges alone, like:
- Retirement accounts
- Reduced savings
- Increased medical costs
- Increased expenses
- Inexperience being independent
Preparing for a gray divorce
You’ll first want to figure out where all of your money is and where it’s going. This can be difficult for gray divorces, as it’s not uncommon for one person to handle the finances for both people.
You’ll also want to look at your retirement accounts and investments to determine where there is a sustainable cash flow. If you were a stay-at-home spouse living off of your spouse’s retirement account, you’ll want to consider how much of that you’d need in the divorce settlement to make ends meet as a single person.
If you have adult children, you might also want to plan things out with them. Of course, you don’t want to pit your children against your spouse, but your children may be willing to provide financial support or even allow you to move in with them when you get older.
It can be hard going through a gray divorce. For many couples, it can be worth it for the freedom that they feel after. Taking the time to figure out your finances to live your best life is the first step you can take toward an easier divorce.