As an older couple considering divorce, you might fall in the category known as “grey divorcees”. This term includes any divorcing couple over 50 years of age. It is also known as “diamond divorce” or “silver splitters”.
Grey divorce numbers have risen alongside divorce in most other age groups over the last few years. But did you know that grey divorcees face unique hurdles that other, younger couples do not need to worry about?
Your assets and estate
Forbes discusses the hurdles that are specific to older divorcing couples. A primary issue is the amount of time, effort, energy and potentially money that your divorce will take compared to the divorce of a younger couple. This holds true even if you can successfully go through with an amiable divorce. After all, you simply have more to work through. You have decades of assets built up. You have decades of paperwork, history and finances to look through. Just dividing your joint assets alone can take an enormous amount of time and effort.
Another big issue ties into retirement. If you are 50 or older, you are likely close to retirement. Perhaps you have even already retired. So what can you do if your retirement centers around your spouse’s benefits? Some people end up extending their time at work. Others even return to the workforce. After all, spousal support payments might not make up for what you anticipated via retirement funds.
In the end, the benefits and downsides will look different for every individual. It is up to you to decide what works best and offers the most benefit in your unique situation.