Divorce past 50 years old can impact your life in numerous ways including emotionally and financially. Dubbed “gray divorce,” CNN reports that the number of these divorces has doubled since 1990.
Your preparation for a split might help you stay grounded and in control. With the right approach and careful planning, you can use this situation as an opportunity to recenter your goals for the future.
Your emotional health
Splitting from your spouse can disrupt friendships and relationships with extended family members too. You may experience feelings of loneliness, guilt and angst. You might feel judgment from people who know both you and your spouse. The stress of separating assets, maintaining a career and even explaining to your adult children the reason for divorce can all take its toll on your emotional health.
If you are not careful, you could develop serious mental illnesses including depression and anxiety. Acknowledging the impact of your divorce on your emotional health can help you identify ways to protect your well-being. Stay social, consider therapy and make time for activities that bring you joy. These actions can help you process your grief in a productive manner so you can move on with your life.
Your financial security
Another big thing to think about during a gray divorce is the state of your finances. Splitting your assets with your spouse could substantially reduce your retirement savings. You could also see a reduction in your income and an increase in financial responsibility. During this unprecedented time, embrace a conservative lifestyle. Find creative ways to save and optimize the money you have. Roll any retirement savings from your divorce into a personal account that will build compound interest.
Despite the trends, your divorce does not have to negatively impact your life forever. Your thoughtful approach to moving on can help you keep control of your goals so you can enjoy a happy future.