These days, more and more older couples are getting divorces. This is “grey divorce”, and the term applies to any couple aged 50 and over who go for the big split. Grey divorcees have just as much to gain from divorce as younger couples do. In some cases, they may gain even more.
But on the flip side, they also face unique struggles that younger couples do not have to worry about. Just what are these struggles?
Retirement plans on the line
Forbes examines potential hurdles that grey divorcees may face. Many tie directly to where a grey divorcing couple is in life versus their younger counterparts. For example, many younger couples are not even remotely thinking of divorce. A couple in their 20s has likely just barely entered the professional workforce and have decades to go before retirement kicks in.
You, on the other hand, may see retirement in your very near future. Or perhaps you have already retired. So what do you do without a spouse, especially if you were relying on that spouse for your retirement plans? Will spousal support payments make up the difference? Or will you have to extend your time in the workforce or return to it?
The struggles of joint asset division
Of course, you also have more joint assets in general. This means that in general, your divorce will encompass a longer period of time and may thus cost more money. In fact, an amiable divorce between an older couple may still take more time and money than a high conflict divorce between a younger couple.
These are risks you have to weigh before going through with the idea. Even with these hurdles, many couples find what they are looking for at the other end of a split.