As a couple over 50 considering divorce, you must also consider the unique risks posed to grey divorcees. After all, your life is likely in a much different place compared to a younger couple. Thus, you must consider the differences in the hurdles you face.
But just what are those hurdles? And will they stand in your way if you want to go through with your divorce?
Reorganizing retirement plans
Forbes discusses the potential issues related to grey divorce. Many have to do with your finances and how much closer you are to retirement than younger couples. Most couples at the age of 50 are nearing divorce. You likely have a decade left to work at most. Compare this to a divorcing couple in their 20s and 30s, who have decades left before retirement, and you can see where the potential problem is.
What happens if you were relying on a spouse for a retirement plan? Do you have to rearrange your finances? Do you need to delay your retirement? Some people must do that. Others even return to work after retiring so they can supplement their income. Spousal support might cover some costs, but it may still end up being a step back from what you planned on receiving.
Dealing with joint assets
Then there are your joint assets. Needless to say, you have more to divide than a younger couple, most likely. This is due to the sheer amount of time you have had to accumulate things, compared to a younger couple. Your joint assets may include things like savings accounts, cars, property and electronics. It can also include precious heirlooms and other items of sentimental value. If you go through with a divorce, you must prepare yourself for the time and effort it will likely take to comb through all of these items.