Gray divorces, or divorces among adults 50 and older, are becoming increasingly more common. In fact, the divorce rate for Americans 50 years old and older has doubled over the past 14 years. Divorce for older Americans, however, has its own unique challenges. Older couples are often either planning for retirement or about to retire, and a divorce can throw a major wrench in those plans. The divorce process itself can be costly, but even after divorce, life as a single person is typically more expensive than married life when incomes are combined. In many gray divorce cases, one spouse hopes to keep their shared family home, but this is unfortunately often too costly for one spouse to handle on their own, especially if they have other large expenses. For this reason, many divorce specialists suggest gray divorcees consider selling their shared home during their divorce and splitting the proceeds. Now, in the United Kingdom, lenders across the country have announced plans to implement “divorce mortgages” at some point this year, and there is a large chance these mortgages will become available in the United States soon as well. Here is what you need to know.

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