People may assume that couples who have been married longer are more likely to remain together. The fact is that the “grey” divorce rate is rising, and those going through one may face some hurdles that aren’t present when shorter marriages or marriages involving younger people end. It’s imperative that these individuals understand what they may encounter so they can plan for the challenges ahead.
One of the primary issues that come with a divorce at an advanced age is that there isn’t enough time to recover the money that you lose in the divorce. The retirement accounts have to go through property division, so you will likely walk away with less than you thought you were going to have for retirement.
You’re also going to have to work through a lot of the emotions that come with the split, but you may find that things like the fear of starting over are stronger for you than what younger people experience. Some people think that a life transition, such as the kids moving out of the house, will cause the split, but this often isn’t the case. More common for this age group is simply growing apart as they age.
If you’ve been married for decades or are an older adult who is going through a gray divorce, make sure you understand how decisions can impact you. You need to think about things like how the property division will impact you so that you can determine how they will affect your future. You have to think about long-term consequences so you can plan for those appropriately.