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What hurdles do grey divorcees face on a financial level?

On Behalf of | May 21, 2021 | Divorce |

When compared with their younger counterparts, grey divorcees often have unique and potentially difficult struggles to handle. Most of these issues revolve around your financial situation, which differs starkly in your 50s compared to those in their 20s or 30s.

But what are these financial hurdles, exactly? And how do they impact you on a whole?

Mediating through the asset division

Forbes discusses the unique hurdles of grey divorce. First, there are your accumulated assets. You have had more time to gather more assets than a younger couple. As a result, it will take longer to go through them all and divide it up equitably. You may want to consider hiring a mediator to help with this process.

You might also want to keep an eye out for signs of asset hiding. The higher your assets, the more likely you are to deal with this crime. Spouses typically believe it is easier to hide assets or fudge numbers if there is too much to keep track of in the first place. But you want the most out of the split, so you want to go through your assets with a fine-toothed comb.

Dealing with retirement

Then, there is the matter of retirement. Perhaps you already retired. Maybe you are fast approaching your planned date of retirement. Divorce will throw a wrench into your plans either way. You will no longer live in a two person household, and you do not know how much of a shared retirement fund or plan you will get.

This is why many older divorcees pay so much mind to spousal support or alimony. This helps you maintain your style of life even if your retirement plans end up altered due to the split.