If your children have flown the nest, you might feel it is time to end your marriage and begin a new chapter in your life.
There has been an increase in the number of couples divorcing in their 50s or 60s, which some refer to as gray divorce. There are, however, some special considerations:
Who will care for you?
As couples age, one of them typically ends up taking care of the other when that person is no longer so capable of taking care of themselves. Their children also often help out. Divorcing will make this more difficult, especially if the kids fall out with one of you over the divorce. Replacing free help with paid help will be costly.
Are you happy to downsize your house?
The family home may be far too large for you as a couple, let alone for one person. Yet, selling up so you can split the money and buy two smaller places is not always easy. You may lose the neighbors you have known for years. You may no longer have space for the kids to stay over when between jobs or on holiday from their studies. You might also miss your garden, workshop or kitchen that you developed to your taste over the years.
Can you still afford to retire at the same age?
Running separate households will cost more. If one of you is covered through the other’s health insurance, replacing that coverage will be another extra cost, and it can cost a lot more than you think if you have a history of health issues. You also need to look at entitlements to social security and how divorcing will affect them.
If you are considering a divorce, seek legal help to learn more about all possible implications before going ahead.