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What to expect in a gray divorce

If you are over 50, you may have reached a point in your life where you thought you were safe from divorce. However, here you are discussing the sale of your home and figuring out how long you have to delay your retirement. Whether your marriage has always been rocky or the relationship deteriorated suddenly, you are now facing a future of change and uncertainty.

Gray divorce is certainly not new, but over the past 20 years, the rate at which people over 50 are divorcing has doubled. This leaves thousands of people in your shoes, working to ensure their lives after the divorce are not a constant struggle. Divorce after 50 has its own unique elements, and it may be helpful to know the factors that are typically most concerning to couples in your situation.

Your financial future

Uppermost in your mind may be your ability to manage financially, especially if you relied on your spouse's income entirely or to supplement yours. You may have spent the last several years saving and planning, and now you must shift back to the mindset of budgeting and earning.

Any pensions or retirement accounts you and your spouse have built could play an important role in the division of your assets. It can be important to have the advice of an Ohio professional knowledgeable on the various issues, including tax ramifications, connected to dividing these assets.

Also, Social Security can be an important issue in gray divorces.

Emotional rollercoaster

Since your children are likely older, you may not be considering custody issues. However, you will still want to address the impact your divorce will have on your kids. In fact, keeping your children in mind as you go through the divorce process may help you and your spouse to remain positive and open to cooperation since your children will be watching with adult eyes. Communicating with your kids along the way may relieve them of tension and frustration when dealing with you and your spouse in the future.

Undoubtedly, you are experiencing emotions across the spectrum. You may feel fear or excitement, relief or sorrow, anger or sympathy. Despite the fact that so many are in your situation, facing a divorce after the age of 50, your circumstances are unique. There is no cookie-cutter solution. When you seek the guidance of an attorney to help you through the divorce, you will want to make your selection carefully, ensuring your legal advocate is understanding of your particular situation and goals.

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