In many ways, filing for divorce later in life can be more challenging than filing for divorce when the couple is in their 30s. In this stage of life, people are supposed to be getting ready to retire and start drawing social security. When they file for divorce, their financial plan is completely overturned and they find themselves starting from scratch. A “grey divorce” can also take its toll on personal relationships, particularly with the couple’s adult children.
What makes a “grey divorce” so challenging?
One of the main challenges of a “grey divorce” is the toll it takes on the couple’s grown children. They’re old enough to know exactly what’s going on and might feel some responsibility for the divorce.
Additionally, they might feel like they’re being asked to choose between their parents, particularly if one parent decides to move in with one of their children. The children might also feel like they’re sacrificing their time and well-being as they try to juggle working, raising their own children and taking care of their parents.
Divorce can also cause a massive financial strain. One individual suddenly finds themselves without health insurance and has no idea how to support themselves. The other individual might find that they’re being forced to divide up their retirement assets with their former spouse. They might even have to re-enter the workforce to pay for their legal bills and compensate for their lost assets, which means they can’t retire as early as they planned.
What should an older couple do if they decide to file for divorce?
Hiring a divorce attorney might make the process easier on both individuals. With an attorney, a client might be able to divide up their assets and protect the assets that they want to keep. They might also be able to negotiate through other issues, like dividing up the family home.