While divorce is challenging at any age, it can be particularly tough when it occurs later in life. Older couples have likely spent the majority of their lives together. They may have raised children and made long-term plans for their futures. However, when the children leave or as a couple nears retirement, those plans may change, and divorce may be inevitable.
Divorce later in life can result in a high cost for couples – both emotionally and financially. Untangling a long-term marriage can lead to loneliness, depression, and even a sense of identity crisis.
Financially, it is not easy to untangle a lifetime of shared assets, retirement plans, and financial decisions. During a divorce, dividing long-term financial resources becomes increasingly complex and often contentious. This can lead to a diminished sense of financial security, potentially affecting retirement plans and futures.
Why Do Couples Divorce Later in Life?
The departure of children from the familial nest, often called the “empty nest” phase, is a double-edged sword for many couples. While it signifies a new phase of freedom and potentially more time to focus on each other, it can also uncover hidden rifts in the relationship. The absence of the shared role of parenting may bring underlying issues to the forefront. Older couples are then faced with the reality of spending more time alone with their partner.
As retirement approaches, many older individuals begin reevaluating their lives and their relationships. Some couples discover they have grown apart, have different interests, or simply want more out of life than the other partner can give. This can lead to a disconnect and may amplify existing conflicts, resulting in divorce.
Emotional and Psychological Cost of Divorce
Divorce later in life, also called “gray divorce,” can emotionally affect both couples and their adult families. They may lose friends, experience depression, or struggle to maintain family relationships.
When couples go through a divorce, they often lose friends and social circles they share together. This can be particularly difficult for older couples with long-term friendships and social groups that have been a part of their lives for decades. Suddenly, they may get excluded from social gatherings or events, and friends who were mutual acquaintances may feel forced to choose sides, resulting in a loss of support and friendship. This can amplify the loneliness they may already feel.
The sense of loss, coupled with uncertainties about the future, can result in mental health challenges, like depression, anxiety, hopelessness, or despair. Unfortunately, because of other life transitions and health issues, many of these mental health issues are overlooked and go untreated.
Unfortunately, gray divorce also affects a couple’s adult children and grandchildren. While adult children may no longer depend on their parents, witnessing their parents’ separation can lead to sadness, confusion, and guilt. This can strain relationships in the family as children feel divided and unsure of how to support both parents during this difficult time.
Financial Cost of Divorce Later in Life
Couples who have been together for decades have accumulated substantial assets, properties, and joint investments. They may have estate plans, inheritances, and family trusts to consider. Dividing these shared resources is not easy and requires the services of an Atlanta divorce attorney.
Impact on Retirement Plans and Financial Stability
Dividing retirement assets, such as 401(k)s, IRAs, and pension plans, can significantly impact the financial stability of both parties. Many couples have spent years planning for retirement together, and divorce requires carefully reevaluating these plans. When you go through a divorce, you must ensure that you get a fair share of those retirement savings.
It is critical to divide retirement accounts, pensions, and benefits fairly while considering tax implications and long-term financial needs. With the help of an experienced Atlanta divorce lawyer, you can protect your future, and maintain your quality of life during your retirement years.
Alimony or Spousal Support
For older couples, determining alimony or spousal support can be particularly challenging. Older individuals may face reduced earning capacity as they approach retirement age. Years spent out of the workforce, dedicating time to raising children or supporting a spouse’s career, can impact earning potential. As a result, the need for alimony may be more pronounced to bridge the income gap between spouses.
The health and employability of older individuals can affect their ability to secure gainful employment after divorce. Physical limitations or health concerns may limit job options, making it challenging to achieve financial independence. In such cases, alimony can be crucial in providing ongoing financial support.
Divorce can disrupt retirement plans and timelines. Alimony may serve as a transitional mechanism to help a lower-earning spouse manage the financial adjustments required when transitioning from a shared household to independent living during retirement.
Contact Our Atlanta Divorce Lawyers Today
Divorce later in life is more complex than many other divorces. You need someone on your side who understands the unique challenges you face. Secure your financial stability and emotional well-being by hiring a dedicated Houston divorce attorney.
At Hobson & Hobson, P.C., our Atlanta divorce attorneys know that divorce later in life can derail everything you’ve worked so hard for your entire life. From retirement to healthcare, we know the impact of a divorce in your later years. Our attorneys can help guide you through the process and protect your future at every turn.
Call us at (770) 284-6153 or fill out our confidential contact form. We can set up a consultation so that you can review all your legal options.
Attorney Sarah Hobson at Hobson and Hobson, P.C. are powerful advocates for those who fight for better futures for those going through divorce and custody law matters.
