As rates of divorce rise throughout the country, most age groups also see a consistent upward trend in divorces. This includes those in the age group of 50 and up. They are grey divorcees, and they face a unique journey through divorce.
Just how does grey divorce compare to the experience of their younger counterparts? And what hurdles do grey divorcees face?
Finances acting as a hurdle
As Forbes looks at the reasons behind grey divorce, they also search for information on the pros and cons. After all, grey divorcees are often at a very different point in their life than their younger divorcing counterparts. Many divorces happen in one’s 20s or 30s, which naturally puts them in a much different emotional, mental and financial place than couples in their 50s and higher.
But finances often provide the biggest potential hurdle for grey divorcees. After all, you have had more time to accumulate assets in general. You also likely have more joint assets to deal with. This means it will take time and effort to come to a decision on how to equitably split your assets.
Length of a divorce
In fact, amiable divorce between an older couple might actually take more time and money than a highly contested divorce between a younger couple. You simply have more things to look at, more assets to go through, more joint accounts to view, and so on.
You also have to worry about retirement funds, benefits, estate plans, end of life planning and more. Thus, as an older divorcing couple, you should prepare to face these hurdles that you may not have faced at a younger age.