Gray divorce – the term that’s now used to describe the process of dissolving your marriage when you’re in your 50s, 60s and beyond – is a lot more common than you might think. Statistically, people over 50 have a more difficult time during divorce than younger couples do. (If you’re splitting from your spouse, it doesn’t matter how old you are; you need to protect yourself by working with a talented Milwaukee divorce lawyer.)
Statistics show that gray divorce is on the rise, so one thing’s for sure: if you’re going through it, you’re not alone.
Managing Finances During a Gray Divorce
Finances are often the toughest part of a gray divorce. In many long-term marriages, one spouse handles the money and the other is completely in the dark. For that reason, your Milwaukee divorce lawyer will probably advise you to become familiar with where your money goes before you even file. You’ll have to manage your own finances once your divorce is final, so it’s a good idea to start familiarizing yourself as soon as possible.
Living Standards and Gray Divorce
Any divorce changes your standard of living. In many cases, spousal maintenance (commonly called alimony) will change hands. Your Milwaukee divorce attorney will help you understand the financial ramifications before you file for divorce, and be prepared: even if you never worked during your marriage, it may be necessary for you to get a job or find an additional source of income.
Gray Divorce and Insurance
You may be dropped from your spouse’s health insurance plan and life insurance plan as part of your divorce, so it’s important to find your own coverage before you split. Keep in mind that your Medicare and Medicaid statuses may change once you’re divorced, as well. Because no two cases are the same, you’ll need to rely on your Milwaukee divorce lawyer to give you case-specific guidance.
