Grey divorce is a term used to describe couples aged 50 and over who get a divorce. Grey divorce has steadily been on the rise in recent years and the trend does not seem to be slowing down.
Experts have a lot to say on the matter. They discuss potential reasons why grey divorce is more common, and they also discuss what unique hurdles these older couples may face that their younger counterparts do not.
Potential issues with retirement
According to Forbes, grey divorce has several hurdles that younger couples can generally avoid for various reasons. The primary differences tie back to age, though. For example, a 50-year-old individual is much closer to retirement age than a 30-year-old. Once you get ready to retire, you need to have your retirement plan in order. You will need the money to survive and live well even if you are not pulling in any money.
Many couples rely on a joint retirement fund, or on a spouse’s retirement benefits. If you get a divorce, this is one of the biggest potential problems. What will you do if your divorce leaves you unprepared for retirement?
Disentangling your assets
Older couples also have a longer time to entangle assets. It is much harder to separate many different bank accounts, joint assets, joint property and so on. Younger couples typically do not have the same amount of money or physical gains, so it is easier to divide it up during a split.
Despite these issues, more and more older couples are taking the leap and getting a split. Whether it is worth the potential hurdles or not is up to each individual.