Getting a divorce at age 50 or older is known as gray divorce, and it’s becoming more common in Minnesota and throughout the country. Divorce over 50 can be extremely overwhelming, and there may be more factors to consider compared to a younger couple that’s splitting up.
It pays to be informed before you start the divorce process. Here are 3 mistakes not to make during divorce after 50.
Cooperation – But Not Sacrifice
Couples that have drifted apart over the years may still feel a lot of love for each other, even if it’s time to move on. This really tends to be the case when the decision to divorce isn’t mutual. You may want to show your spouse that you’re still a good person after all these years or that continuing the marriage is still worthwhile. Don’t fall into the trap of sacrificing important assets or declining to pursue spousal support just because you want to make things easier on your spouse. Remember that you have to look out for yourself. You’re probably nearing retirement (or may already be retired), and you have as much of a right as your spouse to enter this next phase of your life with comfortable finances.
Maybe you’re not worried about being too giving during your gray divorce – in fact, you’re feeling the exact opposite. Say your divorce has been in the works for some time, and neither you nor your wife are willing to compromise on your most valuable marital assets. It’s completely understandable after working so hard for so many years to maintain your current lifestyle. But this attitude won’t help you resolve the divorce quickly, which means it will also be more expensive. The best way to ensure you feel heard while also being willing to compromise is by hiring an attorney who is experienced in this type of divorce.
Focus on Your Future
No one wants to give up their current lifestyle and luxuries just because of a divorce. Unfortunately, giving some of these things up may be necessary when going through a gray divorce. Your circumstances will be changing dramatically after many years, and it pays to focus on the future instead of looking to the past. Things like vacation homes and yachts may be expensive to maintain and insure from the moment your divorce is finalized, which could derail your attempts to balance your new budget. This may have a huge impact on how your finances look down the road. Before making any decisions about your assets, consider how those preferences will change your financial future.
Divorce After Retirement and Alimony Payments
Many people who divorce after 50 are already retired and live on a limited fixed income. They are concerned about the possibility of having to pay alimony, also known as spousal support, to their ex during their retirement. If you and your spouse are both retired and receive a similar amount of social security and other benefits each month, you may not be required to pay spousal support. However, if there is a disparity in your incomes, you aren’t exempt from paying spousal support just because you’re retired. The best way to know what to expect when it comes to alimony after retirement is to talk to a divorce lawyer.
Gray Divorce Attorney in Edina
If you’re getting divorced later in life and are searching for an attorney who has experience in gray divorces, Beth Barbosa may be a great fit for your case. Beth is a divorce lawyer in Edina who has worked with many clients from all backgrounds. Beth’s clients who are going through a divorce over 50 appreciate her experience as a gray divorce lawyer, especially in high asset cases. Contact Beth if you would like to learn more about how she can help you obtain a satisfactory outcome in your gray divorce.