In South Dakota and across the country, millennials are getting married later in life and are subsequently getting divorced at lower rates than those in older age groups. If you’re age 50 or beyond, you may be one of many spouses who are considering or have taken steps to file for divorce in a civil court. In fact, the divorce rate for baby boomers has more than doubled in the past 20 years.
Divorcing later in life has significant emotional, financial and logistical implications. Many older spouses have stayed home full-time for decades because they sacrificed careers to raise their children. It can present tremendous challenges when it comes to obtaining gainful employment, which, in turn, can greatly affect your post-divorce finances. Understanding issues that often prompt gray divorce and how to overcome obstacles that may arise can help you move on in life if you’re severing ties.
Times have changed
When you got married and were raising your kids, the idea of getting divorced was attached to some negative stigmas. Nowadays, divorce is a lot more common and you might feel more comfortable pursuing it. If you’re a woman, you may also feel more confident that you can establish financial independence and an identity apart from your spouse.
Many spouses your age stayed in unhappy marriages for a long time but have now decided that they want to live out their golden years on their own.
Financial issues can prompt divorce
Have you and your spouse been fighting about finances for years? Disagreements about money, investments or retirement are often key factors in divorces that occur later in life.
You’ll definitely want to be keenly aware of what your assets are and how divorce may affect your finances as you move on in life. It’s helpful to speak with someone well-versed in South Dakota divorce laws before heading to court. You’ll want to discuss issues such as taxes, retirement benefits, your estate plan and other financial matters.
Preparation and support can help you transition
Chances are, you have a relative or friend who has recently gone through or is currently navigating divorce at an older age. The good news is that you’re definitely not alone in your struggle. In fact, many people find it quite helpful to join support groups where they can share experiences and encouragement with others who can relate to their situations.
The less hesitant you are to reach out for additional support as needed, the easier it might be for you to achieve the goals you have in mind.