When most people think of divorce, they may think of younger adults who have plenty of time to overcome the effects of the divorce. For older adults, the possibility of divorce is frightening because they don’t have as long to try to do that.
A divorce that involves an older couple is known as a grey divorce. While these individuals have the benefit of not having to worry about child custody, they have some considerable challenges to think about when it comes to the property division process.
Why does divorce have a profound impact on older adults?
Retirement planning during marriage focuses on the upkeep of one home. When the couple divorces, the funds that were meant to support that single home now have to be divided to support two homes. The result is often that each adult has to make a difficult decision about how to proceed.
Some people who are going through a grey divorce choose to return to the workforce to earn more money and have a more comfortable standard of living. Others choose to lower their standard of living so they can remain in retirement after the divorce.
Going through the process of dividing retirement accounts can be complicated unless both parties have accounts that are roughly equal. In the absence of that situation, they will have to go through the valuation process for all accounts so they can be divided equitably during the divorce.
Planning for your future is important when you’re going through a grey divorce. Having someone on your side who can help you to determine the best way to proceed is crucial.