Divorce later in life—often called grey divorce—is becoming more common. More couples over 50 are deciding to part ways, sometimes after decades of marriage. While any divorce is challenging, grey divorce comes with unique legal and financial concerns, such as dividing retirement savings, handling spousal support, and adjusting to new healthcare and estate planning needs.
If you’re facing a divorce later in life, it’s important to understand the specific challenges and how to prepare for this major transition.
Why Are More Couples Divorcing After 50?
Many factors contribute to the rise in grey divorce. For some, the empty nest phase reveals that they have grown apart. Without children at home, couples may realize they no longer share the same goals or interests. Longer life expectancy also plays a role—people are living well into their 70s and 80s and may choose to start fresh rather than stay in an unfulfilling marriage.
Financial independence is another factor. More women today have their own careers and savings, making it easier to leave a marriage if it’s no longer working. Differences in retirement goals can also create tension—one spouse may dream of traveling the world while the other prefers a quiet, settled life. When visions for the future no longer align, divorce may seem like the best option.
Key Challenges in Grey Divorce
Grey divorce brings different concerns than divorcing at a younger age. Instead of child custody, the focus shifts to financial security and long-term stability. Here are some of the biggest challenges:
- Dividing Retirement Assets – 401(k)s, IRAs, and pensions need to be fairly split. Mistakes can lead to tax penalties or financial insecurity in retirement.
- Spousal Support (Alimony) – In long-term marriages, one spouse may have been financially dependent, making alimony an important factor.
- Healthcare & Insurance – If one spouse is covered under the other’s employer-sponsored insurance, they may need to find new coverage, such as COBRA or Medicare.
- Estate Planning Updates – Wills, trusts, and beneficiary designations should be updated to reflect new financial and family circumstances.
How to Prepare for a Grey Divorce
Preparation is key to ensuring financial security after divorce. Start by gathering financial records, including bank statements, retirement accounts, and insurance policies. Knowing your assets and debts will help you make informed decisions.
Next, consult with a family law attorney who understands grey divorce. An experienced lawyer can guide you through asset division, alimony negotiations, and the legal complexities of divorce later in life. A financial planner can also help you create a post-divorce budget and retirement plan.
Moving Forward with Confidence
Divorce after 50 can feel overwhelming, but it can also be an opportunity for a new beginning. With the right legal and financial guidance, you can move forward with confidence, knowing your future is secure.
At Platt Family Law, we specialize in helping clients navigate the challenges of grey divorce. Our team is here to protect your financial interests and help you transition smoothly into the next chapter of your life.
Contact us today to schedule a confidential consultation. Let’s create a plan that sets you up for success.
