These days, more couples are divorcing due to a variety of factors. This trend has continued for years and seems prime to carry on into the near future, at the very least. This also means that grey divorce happens more often.
Grey divorce involves any couple 50 years of age or older. While there are more benefits for divorcees than ever these days, there are also hurdles specific to older couples divorcing. What are they, and should you worry about them?
Forbes talks about the potential hurdles faced by older divorcing couples. Perhaps unsurprising, but many of them revolve around your assets and potential plans for retirement. In essence, most of your problems will likely boil down to the fact that you simply have less time in the workforce than younger counterparts.
By the time you reach your 50s, you likely only have a decade or so of work left before you intend to retire. Older couples might have already put their working days behind them. So what happens if you relied on your spouse to provide retirement? What happens if your current retirement plans rely on them? You might have to decide which is more important to you. Some people have to figure out ways to supplement their income. They may choose to extend their time in the workforce or even return to it. It is a personal decision up to each individual.
The length of divorce proceedings
You also need to prepare for a potentially lengthy divorce process. Even if it is amiable, you will likely spend a lot of time and effort dividing up your joint assets. Again, this is a natural effect for the long time you have spent together sharing pricy items like cars, property and so on. It is something to consider before making any major choices.