As a grey divorcee – that is, someone aged 50 or over getting a divorce – you face unique hurdles that your younger counterparts do not. In many cases, the concerns you have will not even occur to a younger divorcing couple.
But do you face more hurdles? And are these hurdles harder for you to overcome at your age?
The struggles of joint assets
Forbes takes a look at some of the bigger potential issues grey divorcees may face. Many have to do with finances, assets and benefits. This is one big reason why it is harder for an older divorcing couple than it is for a younger one.
Younger couples have fewer joint assets and fewer assets in general. This means they spend less time on the asset division process, which can get complicated and expensive in a grey divorce. There is also less of a chance for a spouse to attempt to hide assets, as they have less room to hide.
Younger couples also do not spend much time thinking about retirement, as they are quite far away from it. You, on the other hand, might be right at the cusp of retiring. Perhaps you exited the workforce to raise your children and have relied on your spouse’s benefits. What do you do, then? Do you reenter the workforce? This provides its own hurdles.
You will need to pursue alimony in order to maintain your current style of life. Even then, you have to worry about the potential loss of benefits like healthcare or retirement funds that got tied to your spouse. Older couples often have a harder time getting back on their feet after divorce for this reason, which is something to consider.