Gray Divorce? 3 Housing Choices to Help You Move Forward

So-called gray divorce is increasingly common as the population of seniors grows each year. No divorce is ever pleasant, but a late-life divorce comes with unique challenges that you must address in order to protect yourself and your finances.

If you find yourself going through a divorce during or near your retirement years, here are three key things to do with your housing situation to be able to move forward.

Any divorce changes your income and expenses — for better or for worse. Until you get a full handle on all the financial implications of your breakup, be very conservative with your money. Even new sources of income, such as alimony or child support, may not be permanent or may be a challenge to receive on a regular basis.

How can you plan conservatively? Assess your monthly budget based on worst-case scenarios, such as paying alimony or losing a significant portion of your retirement funds. Look for affordable housing that will free up the largest buffer in your budget — at least until you have a firmer plan for the future.

Even if you can stay in the family home, you may find that selling it and renting an apartment or home provides a simpler and more stable budget. Even if the rent is somewhat equal to your old house payment, you won't have additional bills like property taxes, homeowners insurance, and utility costs for a larger home.

As you decide what to do with the next chapter of your life, especially this close to retirement, you’ll do well to reduce outside stresses and complications. Running the marital home, for instance, not only takes more money than paying for a smaller and simpler place to live but also adds complexity to your life at a time when you likely want to avoid that.

If your spouse was the one who handled the daily needs of keeping up a home, you may now be unsure what to do about maintenance, repairs, renovations, decorating, and budgeting. In this case, apartment living takes away many of those concerns so you can focus on yourself and your needs. Property managers take care of broken appliances while landscapers handle the yard work and the landlord makes renovations.

Many people react to a divorce by making large-scale and sudden changes in other parts of their lives. They might move to an entirely new city or state. They may change jobs, go on long vacations, or make large purchases. They could find themselves adding or dropping other relationships or pulling away from established support networks.

While the urge to make a big change is normal, it's particularly hazardous for seniors. A senior who finds themselves in sudden debt or looking for a new job creates potential economic instability that could damage their lifestyle now as well as threaten retirement goals. And leaving behind your emotional support system can put a single senior at risk for depression, isolation, and health problems.

Of course, one spouse generally must move out of the home, and both spouses may have to relocate. In this case, rent where there is a strong community for seniors like yourself. Senior housing often offers amenities like group meetings, social events, outdoor activities, and shared life experiences with your neighbors. If you can land in a welcoming and positive community, you have peace of mind and time to assess things.

At the Robert Cottingham Company , we specialize in aiding seniors find the right home for their lifestyle and interests. If you've found yourself facing the financial upheaval that comes with a late-life divorce, call today to learn what benefits our propertie s can add to your next chapter.