There are many special concerns older individuals may have when getting divorced. Included among these are concerns regarding health costs.
A person could end up incurring a lot of health care expenses, such as medication costs, home care costs and elder care facility costs, as they get older. So, among the things a person going through a gray divorce (a divorce of an older couple) may be worried about is how the divorce will impact their ability to handle these expenses in the future.
Multiple things about a divorce can have health-expense-related implications. One is what happens with health insurance. If a person had been covered by a spouse's health plan, a divorce will generally mean they will lose coverage under that plan. So, when in a gray divorce, it can be important for an individual to understand what insurance impacts the divorce will have and what insurance needs they might have following the divorce.
Another thing in a gray divorce that can touch on health-care-expense issues is what happens in property division. This is when the assets in the marital estate are split up between the spouses. The types of assets an older individual gets in this division can impact how good of a position they would be in to handle future care-related expenses. So, such costs are among the things a person may want to factor in when deciding what assets to pursue in property division matters in a gray divorce.
Experienced attorneys can help individuals here in New York who are in a gray divorce with incorporating the unique concerns they have, including concerns regarding future health care expenses, into their overall strategy in divorce proceedings.
Source: Asbury Park Press, “Gray divorce: 6 vital financial steps you must take,” Sept. 16, 2016