As divorce rates continue to slowly climb across the country, all age groups see an uptick in divorces. This includes “grey divorcees”: a term coined to refer to divorcing couples aged 50 and up.
Despite the popularity and increasing number of grey divorcees, there are some things you should be aware of before deciding on a divorce at an older age. After all, there are unique hurdles here that younger couples simply do not have to worry about.
Joint assets gathered over the years
Forbes takes a look into grey divorce and the unique struggles grey divorcees face. For example, younger couples do not have as many joint assets simply due to the fact that they have not had as much time to accumulate them. On the other hand, couples over 50 have often had decades of time to gain joint assets. This means the division process often takes much more time and effort.
Even if you are going through an amiable divorce, you may need outside help when facing asset division. You may want to seek the aid of a mediator. They can help you work through discussions as you decide what goes to who. Doing this on your own also helps you take it out of the hands of the court.
The second biggest issue is retirement. What do you do if you were relying on your spouse’s retirement benefits, pension, savings or more? In some cases, grey divorcees end up putting off their retirement or even going back to work. In other cases, a divorcee just changes their style of life so they can comfortably live on spousal support payments and any money they get from asset division and their own savings. Every person is different and what works for one might not work for you, so you must decide on your own.