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What financial struggles plague grey divorcees?

On Behalf of | Jun 8, 2021 | Divorce

Grey divorcees often face unique hurdles in the aftermath of divorce. Many of these differences in struggles stem from the fact that grey divorcees are at a completely different place in life than 20 to 30 year old couples. 

For example, you will face entirely different financial issues. These issues stem from where you are in life. 

Examining issues with retirement

Forbes takes a look at the financial issues unique to grey divorce. As an individual in your 50s or older, you have likely already retired if you worked. Perhaps you are close to retirement instead, with plans to tap out looming just years ahead on the horizon. 

Then, there are individuals in your age group and situation who left the workforce decades ago to focus on raising the family instead. While this situation is less common among younger couples of the day, it is still quite common for one in a pair of grey divorcees to be a homemaker while the other worked. 

This is great if you stay together. But if you divorce, you are suddenly left without that financial support you relied on for years. On top of that, you may also lose benefits you relied on like a joint retirement fund. 

Equitable asset division

You also have to worry about equitable division of your assets. This can include joint property and even some forms of personal property. You may want to gain legal assistance as you go through the process of asset division. This ensures your spouse does not attempt to hide assets. It also helps ensure that you get the fair amount of assets, which can help you get back on your feet after a split.