Divorce is an unfortunate reality for many New York couples. Statistically, there are certain demographics that are getting more divorces than others. This is true for those categorized as Generation X and Baby Boomers. These are called “gray” divorces.
There are many reasons why a marriage might not work out. Regardless of the catalyst for the divorce, there are fundamental factors that need to be addressed. When people are moving forward with a gray divorce, there are missteps others have made when in the same situation. As the case proceeds, it is wise to recognize them and know how to avoid them.
Thinking about the unique considerations in a gray divorce
There are five areas that people in this age range should think about as they consider divorce. They include budgeting, considering a smaller home, whether Social Security benefits can be shared, whether those approaching retirement need to keep working, and insurance coverage.
Finances and budgeting are of greater importance considering the questions about the economy in today’s environment. While a couple might have had two incomes, that will change after the divorce. Even those who have already retired need to decide how to spend and save. Spousal support and property division comes into play in these instances.
The family home could be too costly for a single person to retain. It might be jointly owned with both sides preferring to sell it than let the other person have it. For many, there is significant equity in a property they have lived in for years, so that could be beneficial to sell and split for living expenses and the transition.
Those who were married for a minimum of 10 years can share the other’s Social Security. People who have not yet reached a 10-year marriage may want to hold off on the divorce until they are eligible to share the spouse’s Social Security. To make ends meet, people who are in their 50s, 60s and beyond could need to put off retirement and keep working.
Being prepared for a family law case is key to reaching a positive outcome
Whether it is a difficult divorce where the sides are in dispute over every issue or is reasonably amicable and they simply want to get it over with in a fair way, it is vital to have assistance from the start. This is particularly true for people getting a gray divorce. Since this is so dramatic a life change, it is wise to have assistance to deal with the above listed challenges and anything else that arises during a family law case.