More people aged 50 and over are finding themselves seeking divorce. It’s not uncommon to find experts looking into this enigma in the last several decades. Today’s rapidly changing social norms have eased more people into taking that step forward and leaving their old life.
If you’re considering a gray divorce, here are three questions you may be asking yourself:
Is it too late for a divorce?
All couples are prone to disagreements. For some, disputes are handled without conflict and are harmoniously resolved. For others, it could mean finally leaving that unhealthy relationship that’s been holding you back. Some couples realize they married too young. You aren’t alone in seeking a divorce later in life: In the past two decades, “the divorce rate for the U.S. population over 50 doubled … and more than doubled for those over 65.” Older couples in long-term relationships can look into what’s called a gray divorce. This is like any other divorce but involves more consideration into financial and retirement funds.
What about all my property?
If you’re like many people who have lived their first half of life, you’ve built a little nest egg, saved for retirement, perhaps bought a cozy beach house and had a few kids along the way. This all can seem daunting when looking into a divorce and it is common to feel this way. Fortunately, Kentucky is an equitable distribution state and distributes property equally between spouses. However, this may not stop your spouse from fighting it out to the bitter end. It could mean needing to hire a divorce attorney and paying hefty prices just to claim what’s yours.
Is it better to negotiate or litigate?
The best-case scenario would mean discussing ownership of property with your spouse and not needing a judge to step in. This may take some negotiation and accommodation and ultimately save money for everyone.
You won’t be the first to consider divorce later in life, and surely not the last. If you’re still in doubt, you may want to seek legal guidance to help ensure you make the right decision for yourself.