If you are over 50 and leaving a long-term marriage, your situation is commonly called a “gray divorce.” While gray divorces are becoming more common today, there are still issues you must consider during this process that may not be present when younger individuals are divorced.
While divorce is challenging at any age, you will face unique situations as an older couple. Knowing what they are and what to expect can help you get through this transition period.
The family home
It may be tempting for one of you to keep the family home. After all, this is where you raised your children and lived your life. However, it can also cause financial hardship for the individual who decides to stay in place – especially if the home isn’t paid off. Because of this, it may be smart to sell the home, split the profits, and move into something smaller, more affordable, and easier to manage for one person.
Your health insurance
Are you on your spouse’s health insurance plan? If so, you have the option to remain on it through COBRA for up to 36 months after your divorce. The caveat is that the cost to do so will be much higher than what you were paying while you were married. Also, since Medicare doesn’t kick in until you reach 65 years of age, you need to consider your other options.
One is to get coverage through your employer (if you are employed). You can also use the Healthcare marketplace for health insurance coverage. Just think about this before finalizing the divorce to ensure you remain covered.
Dealing with common issues in a gray divorce
Separating from your spouse, moving, and handling all the issues related to divorce can be overwhelming. However, you can’t forget the factors here as you move forward. Make sure you are ready to start your new life by handling all the situations mentioned above.