By now, you may have heard different terms describe your divorce. If you are over the age of 50, you may be facing a gray (or grey) divorce, a silver divorce, a diamond divorce, or a silver-splitter.
Whatever you call it, a divorce is a big change—whether you’ve been married for several decades or just a few years. You face different issues in your 50s, 60s, 70s, or 80s than you do when you are younger. Your children are likely grown and child custody and child support are no longer concerns you need to address. However, other issues may become more complicated if you divorce later in life.
6 Things To Think About in a Silver Divorce
Older couples may need to think about issues, such as:
- Alimony. It may be unrealistic to expect a spouse to further their education or get a higher paying job as they age, and alimony may be necessary.
- Division of property. If you’ve been married a long time, dividing household goods and other property may be more complicated than it would be in a shorter marriage.
- Retirement accounts. Retirement is expensive, and the division of retirement accounts may be critical to maintaining your standard of living.
- Life insurance benefits. Life insurance with your former spouse as the beneficiary may be necessary if alimony is part of the divorce settlement. Otherwise, you may wish to change your life insurance policy beneficiary to someone other than your former spouse.
- Updating your estate plan. You may wish to revise your will and other estate planning documents during a divorce.
- Social Security benefits. Social Security retirement issues should be discussed you’re your divorce lawyer before a financial settlement is reached.
All of these issues may also apply to younger couples but may become more important as you age.
Protect Your Rights During a Gray Divorce
You deserve to live your best life possible for as long as possible. Whether you have a simple amicable divorce or a complex adversarial divorce, our experienced Bloomfield Hills divorce lawyers are here to help you every step of the way. Our supportive attorneys will get to know you and provide personal attention to help you through this transition. Please contact us today to learn more.