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Do you know the risks of grey divorce?

| May 24, 2021 | Divorce |

As a couple over 50 considering divorce, you must also consider the unique risks posed to grey divorcees. After all, your life is likely in a much different place compared to a younger couple. This can result in an entirely separate set of expectations, possibilities and hurdles.

But just what are those hurdles? How big are the risks associated with divorcing at an older age?

Reorganizing retirement plans

Forbes discusses the potential issues related to grey divorce. Many have to do with your finances and how much closer you are to retirement than younger couples. You may end up asking yourself questions about financial stability in life after a split. What happens if you were relying on a spouse for a retirement plan? Do you have to rearrange your finances? Do you need to delay your retirement?

Women often struggle with this to an especially large degree. You may have put your career on hold to focus on your children, meaning you do not have recent job experience to use if you need to apply for work. When going through the divorce process, you may want to focus on alimony for that reason. It is also possible to gain the money you need to return to school, which can help open more job opportunities.

Dealing with joint assets

Then there are your assets, joint and individual. Hidden assets can prove a major problem, especially in divorces with many accumulated objects or money. Your spouse may assume you will not notice a few fudged numbers. They may think you will not comb through all documents carefully. If you suspect your spouse is trying to keep you from receiving your fair share of assets, you can look into financial forensics to unravel this mystery.

From there, you can work with your legal team to get the best possible start on your new life after divorce.