Late-in-life divorces, also known as gray divorces, can be particularly challenging. Knowing the issues involved may be helpful if you’re over 50 and going through a divorce in Pennsylvania.
Employment and children
There may be added financial difficulties for those who have demanding jobs. There are also challenges for spouses who have been out of the workforce.
College tuition payments can be a particular strain. Another difficulty can be kids who have grown up and moved out, only to have to move back in again. This may happen for various reasons such as low wages or low savings – it’s usually related to finances in some way or another.
Even if they don’t live with their parents, children who are financially dependent on them may run into unforeseen difficulties in the event of a gray divorce. The children and parents may find their resources stretched and are suddenly faced with a situation they weren’t prepared for.
Debt and market volatility
For people over 50, it’s common to have accumulated a significant amount of debt over the years. And because you rarely get to plan out the timing of your divorce, you might have to deal with a volatile market to add to your financial difficulties. It’s also possible that you’ll have to take reduced Social Security benefits to maintain an income that keeps up with your day-to-day expenses.
If you find yourself in a gray divorce, the best thing to do is address these issues as they arise – and as soon as possible. Try to think ahead rather than wait until the divorce is over. It may save your finances later.
It turns out that no matter who you are in a gray divorce, experts say that the biggest concern is money. There are countless potential financial pitfalls when it comes to gray divorce. But if you use forward thinking throughout the proceedings and address these contingencies as they come up, it may help you navigate them.
