Divorce is never easy — but when it happens later in life, it can feel like your entire foundation is shifting. For many women over 50, “gray divorce” brings more than just emotional upheaval. It also comes with complicated financial decisions that can deeply affect your future.
Whether you’ve been the household’s financial manager or left most of that to your spouse, it’s important to understand how your financial picture will change — and what steps you can take now to protect yourself.
Here are some of the most important financial issues you should consider when going through a gray divorce.
1. Retirement Plans May Need to Be Rethought
Many assume that retirement is just around the corner — until divorce forces them to rethink that timeline. Even if you have some savings of your own, splitting assets later in life means both partners may have less than expected.
Ask yourself:
- Do you know how much you have in retirement accounts — and how much you’ll keep?
- How will your retirement income change after divorce?
- Are there tax implications you haven’t considered
Understanding what you’re entitled to — and what it’s worth — is key. It’s not just about dividing a 401(k); it’s about ensuring you can support yourself long after the divorce is finalized.
2. Keep the House or Leave the House
For many, the family home feels like the one thing worth fighting for — a place full of memories, comfort, and stability. But keeping the house can sometimes be a financial trap.
Before deciding, consider:
- Do you have a mortgage? If yes, do you need to refinance to take the other party off or is it assumable?
- If it is paid off, can you afford the taxes and insurance on your income?
- How old is the house? What future maintenance costs on in your future? Where will those funds come from?
- Are you giving up more valuable (and liquid) assets in exchange?
- Will the home grow in value or become a financial burden?
The decision to keep the home is complicated and requires a lot of thought.
3. Social Security and Pensions Can Be Complicated
If you were married for 10 years or more, you may be eligible to collect Social Security benefits based on your ex-spouse’s record — even if they remarry. But few people realize this or understand how it works.
Pensions can also be tricky. You may be entitled to a share, but only if it’s handled correctly in the divorce paperwork.
Make sure you:
- Understand what benefits you’re eligible for
- Know what paperwork needs to be filed
- Have someone help you evaluate which benefits are better to claim — and when
4. You May Be on Your Own for Health Insurance
If your health insurance came through your spouse’s employer, you may lose coverage after the divorce. This is especially concerning if you’re not yet eligible for Medicare.
Options include:
- COBRA (temporary, but expensive)
- Marketplace plans
- Working for a company that provides health insurance.
Healthcare costs are often underestimated, but they can become one of your largest expenses — especially in retirement. Be sure to build this into your post-divorce budget.
5. What is your New Financial Normal? (AKA Budget)
Even if you’ve never budgeted before, now’s the time to take a close look at:
- Monthly income and expenses
- Your sources of income after divorce (work, support, investments, etc.)
- Where you may need to cut back or adjust your lifestyle
It’s also a good time to think about what you want this next chapter to look like. Do you want to travel? Move closer to family? Start a part-time business? Your financial plan should support those goals, not just keep you afloat.
6. Financial Confidence Is Possible — Even If You’ve Never Handled Money
Many people going through gray divorce say the same thing: “I don’t even know where to start.”
That’s okay.
If your spouse always handled the money, stepping into that role can feel overwhelming. But this is your opportunity to gain clarity and control over your own finances — on your terms.
You don’t need to become a financial expert overnight. But you do need someone in your corner who can:
- Help you understand what’s at stake
- Show you different options and how they affect your long-term
- Help avoid common pitfalls
This might include working with a Certified Divorce Financial Planner — someone who is trained in navigating the complex financial challenges of a Gray Divorce.
Final Thoughts: You Deserve to Feel Secure and Informed
Gray divorce isn’t just about ending a relationship — it’s about starting over in a way that supports your independence, peace of mind, and future well-being.
You’ve already taken the brave step of facing a new chapter. Now, give yourself the tools to build it with confidence. That starts with asking questions, seeking trusted advice, and making sure your financial future is guided by thoughtful decisions — not rushed compromises.
At Orlando Divorce Planning, we can help you gather the right documentation, understand how the numbers will be recalculated, and work with your attorney to move the process forward.
Contact us today to schedule a consultation. Together, we’ll build a clear strategy that protects your interests and sets you up for financial security post-divorce. Don’t leave your future to chance—let’s get started.
