Many people think that once a marriage has spanned decades that the couple isn’t ever going to divorce. The fact here is that divorce of people over 50 years old is on the rise. The cause for these divorces ranges from addiction or infidelity to growing apart or different financial goals.
Individuals who fall into this age group have some special considerations to think about when they’re going through a divorce. Addressing these can help them to walk away from the marriage with the best stability possible.
The financial implications of a grey divorce can be considerable
For people who divorce earlier in life, recovering from the financial impact of the divorce is usually possible because they have more working years left. People who are older have to think about the fact that the retirement accounts they have were meant to support one home, but now they have to support two homes.
The need to divide retirement accounts often means that each party will have to rethink their retirement plans. This could mean cutting back on their standard of living. For some, returning to the workforce is necessary. These financial impacts must remain a consideration when you’re trying to work through the property division process because you must be realistic about what you can afford.
The financial impact of the divorce isn’t a reason to remain in a marriage that’s dead. Proper planning and working toward a favorable divorce settlement could help to alleviate the difficulties that might result from the divorce.
If you’re going through a grey divorce, you should ensure that you understand exactly how each option can impact your future. Working with someone who can help you go through this logically is beneficial.