Divorcing later in life comes with unique challenges, but with the right support and planning, you can move forward into a new chapter with confidence and stability.
Key Takeaways:
Ending a marriage is never easy, no matter when it happens. But when you find yourself facing divorce after decades together, it can feel especially daunting. You may have spent 20, 30, or even 40 years building a life with your spouse. Your finances, your home, your retirement plans, and your daily routines are all intertwined. Untangling your future while also processing the emotions that come with such a significant change takes time, patience, and the right guidance.
If you are over 50 and considering divorce (or are already going through one), you are not alone. Gray divorce, as it is often called, has been on the rise for years. People are living longer, and many are choosing to prioritize their happiness and well-being even later in life. Whatever your reasons for divorcing, understanding the unique aspects of gray divorce in Maryland can help you feel more prepared and empowered as you take this step toward your new beginning.
What Is Gray Divorce?
Gray divorce refers to divorces that occur among couples who are 50 years old or older. The term has gained popularity as divorce rates among this age group have increased significantly over the past few decades. While overall divorce rates have actually declined in recent years, the rate among older adults has roughly doubled since the 1990s.
There are many reasons why couples divorce later in life. Sometimes, people grow apart over the years and realize they want different things. Others may have stayed together for the sake of their children and decide to part ways once the kids are grown. Changes in health, shifts in priorities, or simply a desire for a fresh start can all play a role. Whatever the reason, gray divorce is a significant life transition that deserves thoughtful consideration and planning.
Financial Considerations in Gray Divorce
One of the biggest differences between divorcing in your 50s, 60s, or beyond and divorcing at a younger age is the financial picture. When you are younger, you typically have more time to recover financially, rebuild savings, and adjust your plans. When you are closer to retirement or already retired, the stakes feel higher because there is less time to make up for any financial setbacks.
Dividing assets in a gray divorce often involves complex considerations. You and your spouse may have accumulated significant assets over the years, including real estate, investment accounts, retirement funds, and more. Maryland is an equitable distribution state, which means the court will divide marital property based on what they determine to be fair in your situation, rather than simply splitting everything down the middle. Understanding what you own, what is considered marital property versus separate property, and how different assets should be valued is essential.
Retirement accounts deserve special attention in gray divorce. If you or your spouse have 401(k)s, pensions, IRAs, or other retirement savings, those accounts may be subject to division. Dividing retirement accounts is not as simple as withdrawing money and splitting it. There are specific legal procedures, such as obtaining a Qualified Domestic Relations Order for certain accounts, that must be followed to avoid taxes and penalties.
Social Security is another factor to consider. If you were married for at least 10 years, you may be eligible to receive Social Security benefits based on your former spouse's work record. This does not reduce their benefits, but it can provide you with additional income in retirement if your own work history would result in a lower payment.
Spousal Support and Alimony
Alimony, also known as spousal support, is often a significant issue in gray divorce cases. When one spouse has been out of the workforce for many years or earns significantly less than the other, alimony can help provide financial stability during the transition and beyond.
Maryland courts consider a variety of factors when deciding whether to award alimony and how much to award. These factors include the length of the marriage, each spouse's financial resources and needs, the standard of living during the marriage, each spouse's age and health, and contributions each spouse made to the marriage, including homemaking and child-rearing.
In long-term marriages, which are common in gray divorce situations, alimony awards may be more substantial or last for a longer period. In some cases, alimony may even be awarded indefinitely.
Healthcare and Insurance Concerns
Healthcare is a major concern for anyone going through a gray divorce. If you have been covered under your spouse's health insurance plan, you will need to find alternative coverage once the divorce is finalized. This can be especially challenging if you are not yet eligible for Medicare, which typically begins at age 65.
One option is COBRA coverage, which allows you to continue on your former spouse's employer-sponsored plan for a limited time, usually up to 36 months for divorced spouses. However, COBRA can be expensive because you will be responsible for the full premium plus an administrative fee. Marketplace plans through the Affordable Care Act are another option, and depending on your income, you may qualify for subsidies that make coverage more affordable.
The Family Home and Housing Decisions
Deciding what to do with the family home is often one of the most emotional aspects of any divorce, and gray divorce is no exception. You may have lived in your home for decades and raised your children there. The thought of leaving can be painful, even when you know it is the right decision.
From a practical standpoint, keeping the family home is not always the best choice financially. A large home can be expensive to maintain, and the costs of property taxes, insurance, utilities, and upkeep can strain a single income. You also need to consider whether you can afford to buy out your spouse's share of the equity or whether selling the house and dividing the proceeds makes more sense.
On the other hand, stability and familiarity have value, too. If staying in your home is important to you and you can afford it, that is a valid choice. The key is to make an informed decision based on a clear understanding of your finances rather than holding onto the home for purely emotional reasons.
Z Family Law Can Help You Get Back On Your Feet
At Z Family Law, we understand that going through a divorce after 50 brings unique challenges, and we are here to help you navigate them with care, compassion, and clear guidance. Our team approach means you get the right level of support at every stage, from strategic planning to handling the details, all while keeping costs manageable.
We believe in explaining things in plain language so you always understand your options. We know this is a difficult time, and we are committed to making the process as smooth as possible while helping you build a strong foundation for the future you deserve. If you are facing a gray divorce in Maryland, we invite you to schedule a free case evaluation with our team.