What financial stressors are unique to grey divorce?

| May 18, 2021 | Firm News |

Grey divorcees, who are 50 and over, often face problems that younger divorcing couples may not even think of. In particular, many of these hurdles come in the form of financial problems.

But what are these problems? How do they impact you? And what can you do to prepare for them?

Changes in your financial security

Forbes examines major challenges faced by grey divorcees. Many involve your assets. For example, your financial situation after a divorce will almost always differ from what it was when you lived in a joint household. This is true whether you had dual income or just relied on your spouse to provide financial security.

Unfortunately, making up the difference at your age is often harder than it would be for younger individuals. You likely have decades without experience in the recent job market. This can make finding a new job difficult. You may also struggle with the notion of staying employed longer than you originally planned if your retirement plans relied on your spouse. Delaying retirement serves as a deterrent to some.

Handling asset division

Also, you likely have many accumulated assets by now. It will take time, effort and potentially money to sort through it all. This is especially true if you believe your spouse is attempting to hide assets from you.

All of these issues can negatively impact your financial standing and make it hard to maintain your current style of life. You can help yourself by contacting appropriate help, like financial forensic specialists and legal aid. They can guide you through the divorce and help you get what you need to live comfortably afterward.