Divorces are filed by married couples at all stages of their lives. However it is increasingly common for retired couples to decide to divorce. The fact that the divorce rate among couples over 50 has doubled in the last 20 years has sparked a phenomenon that is commonly referred to as “gray divorce”.
There is much discussion regarding the reasons why married couples are tending to file for divorce at an older age. Some argue that it is due to the couple wanting to see their children growing up in a secure and loving family, while others believe that entering retirement leads people to grow discontent with their relationships, especially given that they have more freedom in how and where they spend their time.
The longer a couple is married, the more they will be economically intertwined. This means that it is likely that it will be more challenging for retired couples to divide their incomes and their assets.
It is also likely that you will have to pay higher taxes after divorce, since you will be filing your taxes as a single person rather than a couple. In addition to this, the financing of two separate homes can be more expensive, since you will no longer be sharing fixed costs such as mortgages and other bills. This should all be factored in whenever a retired couple is considering a divorce.
If you are considering a divorce as a retired person, it is important to think carefully about how this will affect your future both financially and emotionally before taking action.
Source: Nerd Wallet, “Considering a Gray Divorce?,” accessed May 10, 2018