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Do grey divorcees face extra hurdles?

On Behalf of | May 2, 2021 | blog

As divorce rates across the country continue to grow, this trend also holds true for grey divorcees. These divorcees are over 50 years old. As such, they often face a different divorce experience when compared to their younger peers.

But what is the true impact? As an older couple considering divorce, what hurdles do you need to have awareness of?

What about your retirement?

Forbes talks about the unique situation that grey divorcees face. Most of the issues you will run into revolve around assets and finances in some form. The biggest problem that gets the most attention is your retirement plans. After all, many couples will have one retirement plan or account that both individuals share. But if you divorce, one partner may not have access to these funds anymore. They may have to start from scratch with their retirement plan.

Some grey divorcees in this situation have ended up postponing their retirement so they can work to make up the difference. Others who are already retired end up returning to work to help pad their funds.

Complex division of joint assets

Another big issue ties to the division of assets in general. After so many years of marriage, it is likely that you have many joint and shared assets. This covers everything from savings accounts to property, and big electronic purchases to cars. Even in an amicable divorce, it will take a lot of time and work to go through all of these assets and figure out how to divide them in an equitable way.

Even so, plenty of couples in your age group have decided that the hurdles are worth the benefits.