A relatively recent trend in the divorce world has been called “gray divorce.” It refers to people over the age of 50 calling it quits after decades of marriage. In 2009, more than 600,000 people over the age of 50 decided to get a divorce, and that number has grown. If you’re in the same boat and you’re thinking of divorcing your spouse when one or both of you over the age of 50, there are some things you should consider first.
For older couples, finances are some of the most important considerations to make. Likely, if you were both saving for retirement, one or both of your accounts might be split in half during the divorce. While New York is an equitable division state and your accounts might not be divided exactly in half, you might be out of more retirement money than you expected. You will need a post-divorce plan for each spouse that shows not just the current value of assets and income but the future impact on retirement. Likewise, keep in mind older people often have a hard time reentering the workforce because of age discrimination, and women have a harder time than most.
No matter what ages your children are, they should be considered as you navigate the divorce process. Most people over the age of 50 have children that are typically in their teenage years. Can you wait a few years for your children to go to college before you divorce? It might make the process faster and easier if you and your spouse don’t need to worry about child custody hearings, visitation, and child support.
If you and your spouse have mutually agreed to the divorce, you are likely good candidates for mediation. Mediation is a less expensive alternative to going to court and litigating over every possible aspect of the divorce case, from alimony to property division. Not only can it save you money, but it can also save you a lot of stress during the divorce.
If you’re considering a divorce and you’re over the age of 50, talk to one of our Dutchess County divorce attorneys about your circumstances. Our firm has the experience, knowledge, and resources needed to put to work on your case. From negotiations to litigation, we can offer you dedicated attorneys who will work to meet your legal goals.
Contact us at (845) 605-4330 or fill out our online form to schedule a free, confidential consultation with us today.