If you are going through a divorce after decades of marriage, after 50, you aren’t alone. In fact, the number of couples divorcing after 50 has nearly doubled since the 1990s in the United States. Baby boomers and now older Gen Xers fueling this rise in gray divorces face unique challenges in a gray divorce though – especially when it comes to retirement.
How a divorce after 50 can impact your retirement
6 essentials to include in a parenting plan
When parents go through divorce in Colorado, they must establish a parenting plan as part of their child custody agreement. More and more divorcing couples decide to share joint custody, which makes working through a parenting plan even more essential. The purpose of a parenting plan is to reduce conflict down the road over child custody issues.
What parents of adult children should know about divorce
More and more, couples are choosing to divorce after age 50, often after their children are adults and no longer living at home. In fact, aging baby boomers have contributed to the divorce rate doubling for those over 50 since the 1990s.
However, older couples seeking divorce often don’t realize how their split will impact their adult children. They think because their children are adults, their divorce will won’t be hard for their children to process. Yet, in some circumstances, adult children face difficult challenges when their parents divorce.
Financial infidelity may be more common than spouses realize
Any type of infidelity can be damaging to a marriage, and financial infidelity is no different. Unfortunately, financial secrets may be more common than many spouses realize.
One study found that 41 percent of American adults who combine their finances with a significant other admit to financial infidelity. The same study also found that 75% of adults say that financial lies have affected their relationships.
Marital vs. non-marital assets: Who gets what in a divorce?
So many matters come to the forefront once couples pursue divorce. However, since the marriage eroded, so did communication. Now, the estranged spouses are forced to communicate despite the circumstances. They must get down to the nitty gritty of details, and that includes property division.
Sometimes, civility disappears as couples bicker over the little things and, of course, the big things when it comes to dividing property. "That's mine!" is followed by the retort "No! That's mine!" Assets, property and debt get scrutiny in a divorce settlement. And that includes marital property and non-marital property. What is the difference?
What causes spouses to divorce later in life?
Divorce that occurs later in someone’s life can involve many of the same stressors that can be a part of any divorce, but it can also involve unique concerns. For example, many couples going through a gray divorce worry that they won’t have enough retirement assets after divorce, and that they won’t have enough time to build those assets back up before retirement.
Despite concerns like this, divorce is on the rise among those age 50 and older. Because divorce among people of this age group has traditionally been low, researchers have tried to narrow down some of the reasons why more people over age 50 are deciding to end their marriages.
What is the best parenting arrangement for high conflict parents?
As joint child custody has become more popular, so has the concept of co-parenting. Parents working together to raise their children can be very beneficial for those children, but it does mean that parents may not have the time they need to heal after a divorce.
Sometimes, divorce stirs up so many negative emotions in former spouses that they have trouble being in the same room together, let alone collaborating peacefully. Unfortunately, parental conflict can undermine many of the intended goals for co-parenting.
Why is a prenup especially important for a second marriage?
If you are preparing for your second marriage, you may feel like you know exactly what you want. For many people, what they want does not include a prenuptial agreement, especially if they got by just fine without it the first time around. However, a prenup may offer more benefits than you realize, especially if this is your second marriage.
A prenuptial agreement is a legal document that details how a couple will use their assets during their marriage and how those assets will be distributed if the marriage ends. Initially, this may sound unromantic, but it can be the best way for a couple to protect each other’s interests. It can also be a good opportunity for a couple to make sure they are on the same page before the wedding, which can help prevent future conflicts from arising out of a misunderstanding.
3 details dating couples may consider before living together
Moving in together can be a big step for a romantic relationship. Historically, most couples did not live together before marriage, but times have changed.
According to the Pew Research Center, more adults have cohabited than have been married. For some couples, living together can be a step toward marriage. Other couples choose to live together for the convenience or financial benefits it can bring.
How might divorce affect wealthy kids differently?
When parents divorce, one of their main concerns is often the welfare of their children. If you and your spouse are considering divorce, you may be wondering how this change could affect your children.
Unfortunately, the answer is not straightforward. In some cases, divorce can cause depression, anxiety, adjustment disorders, conduct disorders, impulsive behavior, risk-taking behavior and/or poor academic performance. However, the way your children react to divorce could depend on their ages, personalities, support systems and other factors.
