Maybe you have read about the increase in so-called gray divorces. The term is used to describe couples over about 55 years of age that decide to end their marriage.
It is the one age group where divorces are increasing, with younger couples less likely to divorce than before – partly because more and more young couples try living together first.
There is no law setting a maximum age to divorce
People are living longer than ever before, so if divorcing can help you make the most of your remaining years, then why not do it?
While no legal statute prevents you from divorcing late in life, give your finances a thought. If you are comfortably well off, this may not be an issue, but for many people, the financial hit divorce causes can be hard to cope with beyond a certain point in life.
If you divorce at 50, you have around 15 working years to rebuild your pension and retirement savings. If you divorce at 70, you cannot do that so easily.
Costs can increase with age
Human bodies and defense systems weaken in later years. Hence the chance of needing expensive medical treatment increases. If you lose your health insurance because you were insured through your spouse’s employer, you may need to pay a lot to replace it, particularly if you have pre-existing conditions.
You might also need to hire help around the house to cover tasks that your spouse did for you or would do for you in years to come.
All things said, you only live once. If you have decided it is time to begin a new chapter in your life, seek legal help to look at the financial implications of divorce and negotiate for a fair deal.
