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Considering grey divorce issues

Wednesday, June 20, 2018

As has been noted in the past, the prevalence of so-called grey divorce is rising around the nation. Here in Texas, baby boomers who choose to separate will face unique divorce issues that younger couples may not face. For those considering grey divorce, here are a few things to keep in mind. 

One part of settlement plans that often gets overlooked is the issue of Social Security and retirement. For older people, these issues are more prevalent as they are closer to retirement age than younger couples. Medicare issues may also arise, as one spouse who has been covered in the past by the other's insurance may no longer be after the divorce goes through. 

Life insurance is also on this list. While it may seem counter-intuitive to the idea of separating assets, it may be in the couple's best interest to maintain a life insurance policy on one another to account for long-term security. Cashing out such policies early and restarting them late in life can cost more than it is really worth in terms of late-life care and support. 

Divorce at any age is going to bring about unique divorce issues with which the couple will have to deal. The best way for Texas residents to be prepared for the issues they might face in their own separation is to get educated in advance about the rights and responsibilities applied to each individual throughout the process and after. Whether a divorce happens early in a relationship or late in life, pre-planning can be the key to getting it done quickly and efficiently.

Source: The Huffington Post, "Grey Divorce and Conscious Aging: 7 Ideas to Consider", Tara Fass, Nov. 10, 2014

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