Going through a divorce can be difficult for any couple, regardless of their ages. But, divorcing after you have spent 20+ years with the same person and reaching a point in your life where you simply want to be settled can be extremely difficult for many to accept. Many individuals who are 50 or older and have recently divorced find themselves lost as they spent a good portion of their life with this one person. These Individuals have established routines, managed their finances, and developed a lifestyle with their partner whom they thought they would be married to for the rest of their life but will soon be disconnected from.
The truth is, it has become rather common nowadays for couples over the age of 50 to divorce. In fact, because such a large population of those who divorce are over the age of 50, it is now referred to as a “Silver or Gray Divorce.” The reality of these divorces is that for many, it’s hard to move on from such a devastating experience, especially because you may no longer be working or have depended on your spouse for financial support. But, there are ways for you to survive this troubling time.
According to a financial planner who has provided financial guidance to many who are going through a divorce in their 50s, there are some things you can do to “survive” and “thrive” both during and after it [Forbes].
- Prioritize your long-term financial security. If you are considering keeping the home you and your spouse invested in, you may want to consider if this is the best option. Homes can be costly to keep and maintain and if you aren’t going to be in the position to do this, it might in your best interest to downsize. The fact is, divorces can be expensive and while you might be thinking you are coming out on top with the home being given to you, it won’t get you much if you need liquid assets and only have the house.
- Wait on signing the divorce paperwork until the finances have been divided appropriately. Even though you and your spouse are separating, that doesn’t mean your debt will separate also. Creditors and lenders are still going to expect the money that is owed and aren’t really concerned with the fact that you are divorcing. So, to ensure creditors are paid and you aren’t left with negative reports on your record, be sure all debt is properly divided and that your name is only left on what you want to be held responsible for. Now, not always will things pan out this way, but if your spouse agrees to cover a portion of the bills, even those with your name on them, be sure this is all properly documented in your divorce agreement.
- Devote some time to plan what your next steps will be once the divorce is finalized. The entire divorce process can be draining, and you may not have the energy to consider what your next step is going to be. So, rather than wait until you have no more energy left, take time now before your divorce is finalized to plan what you want and need to accomplish going forward after the divorce. Perhaps you may want to consider attempting a support group where you can be around people who are going through similar experiences and can relate to what you are dealing with.
Aside from getting through the divorce and actually accepting it, you need to be sure your interests are protected and that you are getting everything you need and are entitled to after it is finalized. The best way to do this is by hiring a Rockville, MD divorce attorney of your own. At Barkley & Kennedy, we understand that this time may be one of the most difficult you have had to go through, especially after spending nearly your entire life with this one person. But, you can be sure that we will provide you with the additional support you need so that you don’t have to go through this alone.
Call our firm today to schedule an initial consultation so that we can sit down and discuss your case.
You can visit or call Barkley & Kennedy at:
51 Monroe Street, #1407
Rockville, MD 20850