Pennsylvania and other states are showing an increase in the number of divorces taking place for people over the age of 50 years old. Many of these are commonly coined gray divorces due to the age of the couples involved. If you’re currently thinking about going through a gray divorce, here are some mistakes that you want to avoid.
Don’t vie for the house unless you can afford it
In a gray divorce, the marital home is one of the most commonly fought-after assets. Due to the high sentimental value of living in the home for such a long time, it can be easy to want to fight for it. Unfortunately, this may not be the best idea, especially if there are still mortgage payments due. You need to determine whether you can still afford living in your marital home without your former spouse’s income. In most cases, it’s easier for each spouse to obtain new living arrangements that fit within their budget post-divorce.
Don’t forget about health insurance
After being married for a long time, there are many different things that you’ll have to consider as being yours or your former spouse’s. When it comes to health insurance, you’ll need to take a look at the policy. It’s not uncommon for one spouse to be fully covered underneath another spouse’s policy. Unfortunately, this can lead to a major problem during a divorce as the spouse without a policy ends up with no coverage. If you’re close to the age of 65 or older, this may not be such a big concern since Medicaid will kick in. However, if you’re still in your 50s, this can be a serious issue.
Undergoing the divorce process is difficult for everybody, but it tends to be more complex for couples who are over the age of 50. To help ensure that you have the best outcome from your divorce, it’s important to follow the tips above and consult an attorney for more advice specific to your case.