Mississippi and other states are starting to see an increase in the number of divorces that are happening to couples over 50 years old. Newly coined as “gray divorces,” these types of divorce proceedings can be more challenging than divorces sought by younger couples. If you’re thinking about undergoing a divorce and you’re over the age of 50, it’s important to take the following issues into consideration.
You have a lot of assets
Typically, couples who are undergoing a gray divorce have a lot of assets. Being married for such a long time makes it very easy to accumulate a lot of different personal belongings and other assets along the way. Dividing up all of these assets can be extremely challenging. Since all assets will need to be evaluated, it can take a good length of time until appraisers are done with all the different assets of the divorce.
Health care coverage
People are ineligible for Medicare until they reach the age of 65 years old. If you’re under this age, you’ll need to have your own health insurance plan to cover your medical expenses. In cases where one spouse is covered underneath another spouse’s employer-sponsored health care plan, it could result in some severe implications for the person who doesn’t have a plan.
A substantial reduction in household income
After spending many years together, you get used to having a joint income of a certain level. Unfortunately, when you decide to undergo divorce and you’re 50 or older, it can substantially reduce the amount of money that you bring in per month. Both spouses may end up having to lower their standards of living to enjoy life after a divorce.
Undergoing a divorce for anyone can be a complex process. For those who are over the age of 50 years old, a divorce will have additional issues like the ones that we went over above. When going through a divorce when you’re over 50, you should contact an attorney who can help you through some of these more difficult issues to ensure that you come out of the divorce both financially and emotionally stable.