It’s easy to assume that people who have been married for decades aren’t going to split up, so it may surprise you to learn that divorce rates are the highest for males and females who are 55 to 64. Divorces that involve people who are at least 55 years of age are known as grey divorces.
Grey divorce happens for many reasons but they often come to fruition when one person realizes they don’t want to live out their days with their spouse. It’s sometimes because of different desires for retirement.
Property division can be stressful
For most people who go through grey divorces, child custody isn’t a factor because their children are adults. The facet of divorce that’s likely to cause the most stress is property division. The retirement accounts that were meant to support one household during retirement will have to be split up to provide support for two households.
In some cases, each person will have their own retirement account. If those are around the same value, they may each walk away with their own retirement account. This makes the property division much easier; however, it may be necessary to get at least a part-time job if you’re trying to keep the same standard of living as you had during the marriage.
You’ll also have to work out how to handle other aspects of the property division. This includes dividing assets and debts, so be sure you understand how to balance it all.
People who are going through a grey divorce should ensure they’re doing what they can to protect their futures. Working with someone who’s familiar with these matters can make it easier to understand the property division process. Be sure you explore your options early so you have time to consider how each decision will impact your finances and your life.