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What are the main challenges of grey divorce?

| Jul 15, 2021 | Family Law |

As a grey divorcee, you have a unique set of struggles unknown to your younger peers. Not only are you in a vastly different position in finances and work life, but your life on a whole reflects these gaps in understanding.

What are the exact challenges that surface the most often for grey divorcees, though? How do you prepare for them, especially considering the potential impact they may have on how your post-divorce life proceeds?

Readjusting to life after the split

Forbes examines some of the biggest challenges that grey divorcees face. One of the first is the emotional challenge of the split. Divorce is hard for everyone, but it is harder for older couples that have spent the majority of their adult life together. Adjusting to single life after decades of marriage is a tough switch to make, and you may wish to consider seeking therapy to aid in the shift.

Handling joint assets and retirement

Next, along with a long marriage comes a lot of joint assets. Grey divorcees often struggle with asset division more than younger couples for this reason. You likely have an entire house full of jointly owned items to divide. You might have multiple properties, vehicles or more. Add joint bank accounts on top of that, and the division process can take quite a lot of time and effort to get through.

Finally, you have to worry about retirement. You are much closer to retiring age than couples in their 20s or 30s, which means you have less time to recover from a big financial blow. A lot of your time will go into figuring out how to supplement lost retirement benefits or savings accounts. After all, it is crucial to get back on your feet and maintain your current lifestyle even after your split.