The divorce rate among Americans over the age of 50 has skyrocketed in recent years. Data from the Pew Research Center shows the divorce rate among this demographic has nearly doubled since the 1990s.
While divorce is roughly the same regardless of age, there can be key differences that alter the approach you need to take. Far too many people going through gray divorce make the following mistakes, which can significantly impact the outcome:
1. Neglecting grown children
Divorce can have a substantial effect on growing minds. However, even if your children are over the age of 18, a divorce will affect them greatly. You need to be there emotionally for them. Additionally, you need to make sure you modify any existing paperwork so that the kids receive the money and assets you want them to inherit upon your passing.
2. Keeping the house when you cannot afford it
You do not want to sink all your savings into a home that is simply too expensive for you to pay for independently. You need to really look at how much you make and how much you will bring in with Social Security to see if you can afford your current house in the years to come.
3. Relying on alimony too much
You do not want to depend on alimony because it is possible that your ex could pass away well before you do. This is why it is paramount to have multiple sources of income.
4. Failing to retain health insurance
Many people in Texas receive health and life insurance through a spouse’s policy. After a divorce, that policy is no longer there, and you need to be ready in case the worst happens. You can find work with an employer who provides health insurance, or you can sign up for healthcare with the aid of the Affordable Care Act. To retain certain benefits, many couples instead go through a legal separation.