Every year, the rate of grey divorce continues to climb. This term refers to the divorce between couples who are at least 50 years old. Many experts have speculated on the potential reasons behind this rise.
More than that, the community also discusses the potential hurdles that grey divorcees may face. After all, they experience a different situation compared to their younger counterparts.
Dealing with asset division
Forbes explores some of the reasons behind grey divorce. For many people, they realize that being 50 is not the end of the line for them. After years of marriage and parenthood, many couples also realize they simply do not have the same relationship they did when they first got married. Some choose to move on because of that.
But divorce at an older age is not a simple matter. On the plus side, you usually do not have to worry about custody issues, as your children are likely already grown. But you do have to worry about asset division. You likely have decades worth of joint assets stored up by this point in your marriage. This goes for savings accounts, but it also extends to things like pets, expensive electronics, property and cars. Even in an amiable divorce, figuring out how to equitably divide these assets will often be a huge pain and a long, complex process.
Your retirement funds
Of course, another big issue is also tied to assets: your retirement plans. Many older couples have one spouse whose retirement plan covers and provides for both. Unfortunately, this might not hold true after a divorce. Some grey divorcees have to put off their retirement or even go back to work in order to keep supporting themselves after a split. But in the end, it is a matter of personal opinion whether this is worth it.