Tag Archive for: gray divorce

Divorcing Later in Life

Divorcing later in life, sometimes referred to as gray divorce, presents a few unique challenges. The longer you have shared a life with someone, the more interwoven your finances, assets, and livelihoods have likely become. Untangling these matters may benefit from the support of an experienced legal professional. 

Understanding the complications that sometimes arise with this process could help you feel more confident navigating them. 

Essential Considerations When Divorcing Later in Life 

Perhaps you and your spouse are nearing retirement age, or your adult children have recently moved out of the house. Many circumstances might prompt a couple to divorce later in life. When going through divorce proceedings, consider how you and your spouse will navigate each of the following potential issues. 

  • Supporting two households: You and your spouse are used to sharing expenses. Now, the income you previously shared to support one household will need to stretch farther to support two entirely separate households. 
  • Retirement: You and your spouse will need to divide retirement assets that you might have previously planned to share. This reduces the funds you each have available and may delay your retirement.  
  • Alimony: Alimony is somewhat common for couples divorcing later in life. If one spouse earns significantly more than the other, consider how alimony might be a factor in your divorce. 
  • Estate planning adjustments: You and your spouse might each need to adjust your estate plans to reflect your new marital status. You may need to remove each other as beneficiaries, update power of attorney documents, and adjust your life insurance policies. 
  • Adult children: If you and your spouse were planning to pay for major expenses such as college or weddings for adult children, talk about how you will approach these costs when separated. 

Consider Alternative Dispute Resolution for “Late Life” Divorce

Some couples who divorce later in life benefit from alternative dispute resolution methods as opposed to going to court and allowing a judge to make major decisions for them. For example, divorce mediation encourages you and your spouse to discuss and reach a mutual agreement on issues such as the division of assets and alimony. 

Alternative dispute resolution methods are sometimes less stressful and emotionally taxing than going to court. They could allow you and your spouse to maintain a cooperative dynamic after the divorce and avoid the tensions that sometimes arise when going through a court battle. 

How an Attorney Can Assist This Process

An experienced legal professional can help you navigate the many complexities of divorcing later in life. A divorce attorney will help you consider all potential complications in the divorce and explore alternative dispute resolution processes with you. They can review your divorce settlement agreement and identify any potential issues that may lead to future financial problems.

Consult Karen Ann Ulmer, P.C. 

If you are divorcing later in life or considering a legal separation, Karen Ann Ulmer, P.C., can assist with evaluating your legal options during this process. Contact us today at (866) 311-4783 to schedule a confidential consultation.  

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Gray Divorce – Ending a Marriage Later in Life

America’s population is getting older, and older couples with longer marriages getting divorced are more common. If you no longer feel marriage is right for you, you should consider a divorce no matter your age or the length of your marriage.

Karen Ann Ulmer, P.C., represents clients over 50 years of age in divorce and related family law issues. We know these divorces involve unique problems, and we are sensitive to our clients’ wants and needs. We will protect your rights and negotiate a fair settlement that allows you to move on with the rest of your life in the best position possible.

There are No Age Limits on Divorce

Some older married couples grow apart as time goes on. Their emotions towards each other may weaken or turn negative. Spouses may have more health issues and a limited income, increasing the stress on their relationship.

A spouse may look to the past and feel disappointed. Their life, including their marriage, hasn’t turned out as they planned. They understand better than most of us that time is limited, and changes must be made if they want to live the life they seek. One of these changes may be ending their marriage.

The COVID-19 pandemic has shaken many of us, giving us a greater appreciation for the fragility of life and our health. Increasingly, people unhappy with their jobs aren’t returning. The experience may also leave some older, dissatisfied Americans to decide they no longer want to put up with a relationship that no longer works for them. Many marriages limp along “for the sake of the children” but after the children grow up and spouses are older, they may want a divorce for their own sake. 

Is it the Right Time to Divorce?

In some ways, it’s a great time to divorce. If the marital home must be sold, real estate prices are at historic highs while interest rates are at historic lows. If you’ll return to the workforce, employers are raising wages and improving working conditions to attract job applicants.

Many more women own businesses and earn higher incomes than in the past, but a divorce can be a financial blow to both spouses. The greater your wealth, the better off you’ll weather this storm, no matter your age. Whatever your losses, younger people generally have more time to earn and save money to make up for the money spent and assets transferred during a divorce. If you’re at or near retirement age, that can be a lot harder to do.

Divorce and Social Security

Generally, men earn more than women, but given the division of marital assets and the possibility of spousal support, the post-divorce picture should be more even. If you haven’t worked much or earned less income than your spouse, another way to cushion the blow might be Social Security payments based on your spouse’s work history.

If you are 62 and divorced from someone who’s entitled to Social Security retirement or disability benefits, you might be eligible for benefits based on your ex-spouse’s work record, according to the Social Security Administration:

  • You’ll be eligible if your marriage lasted for 10 or more years
  • If you remarried, you can’t go this route unless your subsequent marriage ended by annulment, divorce, or death
  • If you’re entitled to benefits based on your own record, you’ll get whichever is higher, benefits from your own history or from that of your ex-spouse
  • You may apply for benefits based on your former spouse’s record even though he or she still works, if you’ve been divorced at least two years before applying
  • If you wait until full retirement age to apply for Social Security benefits as a divorced spouse, your benefit will be half of your ex-spouse’s full benefits

How an Older American Without Health Insurance May Find Coverage

Healthcare coverage is a major concern for those getting divorced. That’s especially true for older couples who may currently, or in the future, suffer a chronic medical condition. If both spouses are covered because one works and qualifies for a healthcare benefit, the other spouse will lose that coverage when the divorce is final (unless you qualify for COBRA benefits, extending your coverage for up to three years, if you can afford the payments).

Another way to get coverage can be an Affordable Care Act (or Obamacare) plan. There’s mixed news if you seek coverage this way. Premiums are partially based on your age, so the premium for someone older may be much higher than one for a young American. But premiums are also partially based on your income (which won’t include alimony if you haven’t divorced yet), so it makes health coverage more affordable if you’re not making much money.

Get the Help You Need from an Attorney You Can Trust

If you are considering divorce or have decided it’s the right choice for you, call our office at (215) 608-1867 or book a consultation online now. It’s never too late to start a new chapter in your life. We can speak over the phone, via a teleconference, or meet in one of our offices in Doylestown or Langhorne.

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