Grey divorce is a term that refers to any divorcing couple over the average age of 50. As grey divorcees, you have a unique perspective on divorce and life after that other, younger couples do not necessarily get.
Along with these unique views and gains, you also face unique challenges. What are they and what can you do about them?
Dealing with retirement
Forbes takes a look into the issues grey divorcees may come across. The biggest and most obvious issue relates to your retirement plans. Many couples will rely on one spouse’s retirement, pension or other similar funds to carry them comfortably through their retirement years. What happens when you are suddenly cut off from these funds?
Many grey divorcees end up faced with a tough decision. Do you stick with your spouse, or do you return to the workforce or delay your retirement? You may find other alternative methods to these options as well. In the end, it is a personal decision that each divorcee must make.
The division of assets
In addition to retirement funds, you also likely have many other joint assets and accounts that you will need to divide up. This can include savings accounts or checking accounts. It can also include physical assets, like expensive electronics, cars and property.
Even if your divorce is amiable, you will likely spend much more time and energy working on asset division compared to a younger couple. This is the natural result of having more things to go through and divide. Fortunately, you can rely on others – such as mediators – to help you reach decisions on your division of assets.