What hurdles do grey divorcees face?

What hurdles do grey divorcees face?

On Behalf of | Aug 13, 2021 | blog, Divorce

Divorce holds a whole host of problems even if it goes as smoothly as it possibly can. Every divorcing couple will face their own unique set of hurdles, but some hurdles will differ or change depending on factors outside of your control.

Age is one of these factors. Grey divorcees – or divorcing couples in their 50s or older – often face unique struggles that their younger peers would not relate to. But just what are they?

Division of assets

Forbes discusses some potential hurdles grey divorcees face. Many revolve around finances, as your financial situation will differ greatly from younger couples. Not only have you had more time to accumulate joint assets and potentially wealth, but you are also much closer to retirement age. This means you have much less time to recover from a big financial blow, or the potential loss of retirement benefits you were depending on.

In terms of assets, you will also face a lengthier process when it comes to documenting and dividing all items and assets you jointly own. If you are going through an amicable divorce, you can do some of the legwork yourself by listing your assets out in advance and working out with a mediator how you want to divide them up. But this is not possible for every couple, and it can result in a lengthy and expensive series of legal discussions.

Handling retirement

As far as retirement goes, you can discuss the possibilities with your legal aid. You may have the option of leaning on spousal support, or you could request a spouse to cover schooling costs if you feel you need to get back into the job market to maintain your current style of living. Whatever option you take, you just need to ensure it can support you in the future where your spouse no longer can.