What do grey divorcees have to worry about?

On Behalf of | Apr 22, 2021 | Divorce | 0 comments

As an older couple, you might hesitate when the notion of divorce begins to surface. But these days, more and more people aged 50 and over have decided to get a divorce and find a new lease on life.

Still, as someone older than most divorcing peers, you have some unique hurdles to consider. When you have a full picture of what grey divorce is like, then you can make an informed decision.

Consider your retirement plans

Forbes discusses some potential hurdles unique to grey divorcees. Most of them revolve around finances, retirement and assets. First of all, you are much closer to retirement age than divorcing couples in their 30s or even 40s. Many grey divorcees are contemplating retirement soon, or have already retired. So what happens if you rely on your spouse for retirement benefits? This can provide varying levels of a hurdle depending on whether or not you have other means of supporting yourself.

Some grey divorcees decide to go back into the workforce, and this is a reasonable trade for the divorce as far as they believe. But you must weigh this trade on your own and make that decision.

The division of assets

Beyond that, you have likely accumulated many joint assets over the years. This includes obvious things like joint bank accounts and shared workplace benefits. But it also includes things that you likely shared the costs for, such as vehicles, electronics and housing. You will thus go through a much more complex process when dividing finances and assets. Again, the difficulty levels differ from situation to situation, but it is still something to consider when weighing the pros and cons.