Overall, divorce rates across the U.S. are declining for younger couples but increasing for those 50 and older. According to recent studies, the divorce rate for older couples has more than doubled over the last decade.
You may think you have accounted for all potential hardships in your gray divorce, but it is wise to make sure, especially in matters that could impact you financially. Learning about mistakes that sometimes plague gray divorces might help you avoid them.
No health insurance
Many people have health insurance coverage through their spouse. After the split, they realize they no longer have medical coverage. Make sure to weigh your options for post-divorce healthcare coverage, especially if you have a chronic condition, before getting divorced.
Staying in the family home
Most want to retain the home they lived in for so long, and it may even seem wise as your living expenses will be few as a single person. However, there are other costs to consider, such as utility bills and regular maintenance and upkeep costs. Often, it is financially wiser to let the house go in a gray divorce.
Not investigating marital assets
In many households, one spouse generally has a more accurate picture of the marital assets they own. If you are the spouse with the least knowledge, start locating and inventorying these assets immediately. Insufficient understanding of what you share with your spouse could result in an unfair distribution of your marital property.
The more you know about Rhode Island divorce and property division, the better equipped you are to preserve your financial best interests. This is true in gray divorces and those involving younger spouses.