If you're considering divorce at an older age, you're not alone. As The Strait Times has reported recently, more seniors getting divorced in Singapore, even after decades of marriage. This trend is commonly known as "Gray Divorce" or a "Senior Divorce".
Gray divorce is becoming more prevalent as women become more willing to assert their independence, and social attitudes toward divorce become more relaxed, according to experts. In 2018, 601 men over the age of 60 got divorced–more than double the number (274) of men from the same age group that divorced in 2008. For women, 313 over age 60 divorced in 2018, compared to 131 in 2008.
As Singapore divorce lawyers, we believe you have the right to be free from an unhappy marriage at any age. But people considering divorce at an older age must put thought into different issues than their younger counterparts.
Anyone contemplating a gray divorce in Singapore should think about the following four crucial issues.
Finances
Financial issues are the primary concern of most people considering a gray divorce–and for good reason. When you divorce, you go from sharing expenses and pooling resources to having two separate budgets. You'll have to cover everything on your own, from food to housing costs to utilities.
This financial change can put a significant dent in your savings and future plans, particularly because seniors have less time to recover their financial stability before they retire.
When considering divorce at an older age, it's crucial to discuss your financial situation with your Singapore divorce lawyer and a financial planner at the outset.
You'll have to consider issues such as whether you'll need to find employment, work longer than initially planned, or move to a new home or location to maintain the quality of your life, among other things.
Professionals can help you manage your expectations, protect your retirement income, and put a reasonable financial plan in place.
Marital Assets
In contemplating a gray divorce, it's critical to assess your marital assets. Singapore courts divide matrimonial assets in a "just and equitable" manner.
In a gray divorce, however, determining which assets consists of marital property can be tricky. Most seniors have been married for decades, and the line between marital and separate property can seem blurry.
Your divorce lawyer with substantial experience in gray divorce can help you understand the definition of matrimonial assets, which of your assets fall into that category, and your rights toward these assets.
Obtaining a good understanding of such assets help ensure that you won't have any unhappy surprises later and can fight for your fair share.
Divorce Alternatives
As most seniors seeking a gray divorce in Singapore need to pay special attention to their finances, you should seek the most cost-effective divorce alternative possible.
A good Singapore divorce lawyer should be able to discuss a range of economical options for dissolving your marriage, from mediation to collaborative divorce.
The less contentious your divorce, the more financially beneficial it can be for both parties. If at all possible, try to work with your spouse to end the marriage amicably.
Health and emotional considerations
When considering divorce at an older age, you must also factor in health considerations. Seniors inevitably face an increasing number of medical issues as they age. Think about whether you have the emotional support and physical health to endure a divorce.
Are you confident that your friends and family will stand by you? Can your health withstand the emotional strain of a gray divorce? An honest look at your whole situation can help you decide how and when to proceed.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
