As an older divorcee, you will likely come across hurdles that your younger peers will not have to navigate. Obviously, most issues involve the aspects of age such as health, retirement, security, and social interaction.
The challenge becomes how you handle them in your litigation so you are prepared to and do resolve them. This understanding can help you move through the process in a smoother way.
Changes to retirement plans
Forbes looks into the potential challenges a grey divorcee faces. First, there are financial concerns, especially when it comes to retirement. A younger couple will have more time to make up or split retirement funds or when losing the support of a spouse’s benefits. But for an older person, retirement benefits may be looming if not already coming to fruition. Maybe you have already retired and are relying on your spouse’s retirement plan or savings to help you out.
Your divorce settlement will need to outline this change and adjust your support plan for the future. This plan could include seeking spousal support, working longer than you had initially anticipated, or even going back to school so you can re-enter the job market.
Asset division during divorce
Older couples have also had more time to accumulate property than younger couples. A family home, a cabin, investment accounts or other assets will need to be valued and considered in the division of property. These negotiations are often not simply a matter of who-gets-what, but involve more creative arrangements. A couple that owns a business as marital property could award the business to one party while the other receives the equity from the house, stock accounts or other assets. And these divisions may be even more complicated by the tax considerations involved in the transfer.
Finally, there is the emotional aspect of divorcing later in life. Living together for so long makes it difficult to readjust not only financially but socially to life after the split. You may benefit from the aid of a therapist in the aftermath to help you make it through.