Couples over the age of 50 are getting divorced more often than ever before. This phenomenon is called “grey divorce” and has doubled since 1990. According to a study conducted by Bowling Green State University, 55% of the divorces involve couples who have been together for 20 years or more. While ending a marriage is never easy, the longer you are together, the more you have to consider.
At Burch, Coulston & Shepard, LLP, we understand that ending your marriage is a difficult decision. However, for individuals who are over 50 years of age, there are extra considerations to take.
Matters to Consider Before Divorcing Include:
- Post-split savings: If you’re retired, can you live off your split savings? The longer you’re together with your ex, the more money you may have accumulated together.
- Selling the house: For many couples, the majority of their wealth is tied into their home. While it can be emotionally painful, it is important to consider selling the home and splitting the profit.
- Change your beneficiaries: If you have a will or trust, most often your spouse is included. To avoid complications in the future, change your beneficiaries to reflect your new status.
No one wants to believe their marriage will end, though it is a reality for many. Our Newport Beach divorce attorneys are here to make the process seamless and bearable. From answering your questions to representing your interests, we’re here for you.
Tips for Surviving Divorce After 50:
- Obtain professional help: Whether a divorce attorney or certified mediator, getting professional help can ensure everything is done by the books and your interests are protected. Professionals can help you carefully navigate the divorce process.
- Budget your finances: Your finances will change once the divorce goes through. Determine whether you have enough saved to live comfortably or if you will need to find alternate methods to supplement your income, such as getting a new job.
- Take some time for yourself: Divorce is an emotionally draining process. Take some time for yourself and care for your needs. Whether this means meditating, doing something just for yourself, or spending time away, self-care can help you through the divorce.
- Accept that your lifestyle will change: When you’ve been married to someone for years, you become used to a certain lifestyle – know this will change after the divorce. Talk to friends or family to get support through this transition.
If you are going through a “grey divorce” contact our Newport Beach family law attorneys at Burch, Coulston & Shepard, LLP. We can help you through the process, minimizing conflict and protecting your rights. Call 949.565.4158 to schedule a free consultation.