As an older couple considering divorce, you fall into the category known as “grey divorcees”. Along with most other age brackets around the country, grey divorce has continued to rise in the recent years.
But grey divorcees often face unique struggles that their younger counterparts may not even think to worry about. What are these struggles and how do they affect you?
Accumulation of joint assets
Forbes takes a look at the unique challenges grey divorcees face. Most of the biggest ones revolve around finances and assets. For example, you will likely have a longer and more complicated process of dividing assets than other, younger couples. This is simply due to the fact that you have a longer period of marriage under your belt. In essence, you have more time to accumulate assets of all kinds, including joint assets.
Even in an amiable divorce, grey divorcees often struggle with asset division. Not only do you have more to handle, but you also often have bigger and more expensive things on the table, too. This can include pricy electronics, cars or property. Many younger couples do not even have homes to worry about dividing.
What do you do for retirement?
Of course, another big concern comes in the form of savings and retirement plans or funds. If you were relying on a spouse to support you through retirement years, you may have to entirely rethink and redraft this plan after a divorce. Though some spouses will gain a portion of retirement or spousal support payments, this might not stack up to what you previously planned to get. Thus, you will need to readjust to make up for the difference.