No matter how you look at it, ending a marriage is often stressful and challenging. However, divorcing later in life can bring about some unique challenges. In Michigan and across the United States, the divorce rate among adults aged 50 or older has risen dramatically in recent years. Here are a few specific issues that may arise amid a gray divorce.
Dividing assets
In any divorce, separating and dividing the marital estate is usually one of the main areas of contention. Typically, the longer that spouses are married, the more their assets are intertwined. This is why dividing assets is often one of the more challenging parts of a gray divorce.
Health care
Health care is often a main concern for those who go through a gray divorce. For those who were covered by their spouse’s health insurance, there could be a long gap without coverage until they are eligible for Medicare at age 65. Finding affordable health care can be one of the biggest issues for those who go through a gray divorce.
Financial complications
Financial planning is important for any divorce, but even more crucial for those in a gray divorce. Many in this age group are getting close to the point of retirement, but an expensive later-in-life divorce can throw a wrench in those plans. It is usually a good idea to review finances with a financial planner and make a long-term budget.
For any person going through a divorce, it is imperative to seek legal counsel. Michigan residents who need help or have questions about divorce can get help by contacting an experienced legal professional. A family law attorney can protect personal rights and offer much-needed guidance.
