Silver divorce, or gray divorce as it is sometimes known, is one area of divorce that has risen over the previous decade. Divorce as a whole has seen a decrease.
Unlike divorcing when you are younger, you will not have to worry about child custody arrangements or child support payments. However, divorcing when you are in your 60s has several key issues you need to be aware of.
You are more likely to need health care insurance when you retire
Healthcare insurance is vital when you enter older age. Before filing for divorce, you should consider how you will ensure both you and your spouse have coverage. Often one person’s insurance depends on their spouse. Taking out a new separate policy could be costly. Insurers may even turn you down if you have pre-existing conditions.
Remember that spouses often look after each other in old age when one falls ill. At least until it becomes too challenging and residential care is necessary. If one of you falls ill, they may need to enter a residential home sooner because the other is not around to shop or cook.
Divorce may affect your retirement funds
Divorcing with years of your working life ahead of you allows you plenty of time to put money aside for your retirement. If you only have a few years left to work, the chances of making money to replace lost funds are minimal, at least through a regular job. You could still put the time you save by not visiting inlaws to good use and start a company that makes your fortune.
Remember that divorce could also make things such as the holidays complicated. Your children may not know which of you to invite. Unless you get on well enough with your ex-spouse to both attend. Divorce mediation can increas thee chance you stay friends after all your years together, even if you do not remain married.