People tend to assume that the longer people are married, the less likely they are to go through a divorce. While this is true for some people, others find that they grow apart as time goes on. Some might stay together for the children, but find that as they get older, there is less reason to do this. It’s also possible that they just don’t see the same future they once did.
When older adults choose to divorce, they have special considerations to think about as they move through the process. For many, the financial impacts of divorce are a primary concern. These can impact them more than what they would a person who is younger because the younger individuals would have the ability to try to recoup the money while they’re still working.
In a grey divorce, the retirement funds that were meant to support one household will be split. Each person will have less to live on than what they expected. There are ways that you might be able to make this a bit easier. Trying to keep expenses to a minimum or even returning to work if you’re able might be beneficial.
You also need to consider the property division settlement terms, including the division of retirement accounts. Determining what’s in your best interests might be a challenge, but you need to try to think logically. Look at the value of the assets and weigh those against the cost of keeping them. You may find that things you thought were good ideas really aren’t. Working closely with your attorney can help you to learn about the options that you have and how you might handle them.
