As a term, “grey divorce” applies to divorces that take place between couples aged 50 or over. Thus, grey divorcees refer to the individuals in that couple. Along with many other age groups, grey divorce numbers have climbed over the years.
Along with the increase in these divorces, there has also come a deeper understanding of what it means to be a grey divorcee. After all, it differs from divorce between younger couples in many significant ways.
The financial impacts
Forbes discusses the impact of grey divorce. First, as mentioned, it affects grey divorcees differently than divorce affects couples in their 20s, 30s or even 40s. Financial aspects often play a major role in that. People in their 50s are often nearing retirement age. Perhaps retirement has already occurred. People of this generation also had a different ideal regarding work-life balance. Many families had one parent – typically a mother – forsake their career to raise their family.
Preparing to make up for financial loss
Unfortunately, this leaves many grey divorcees financially underprepared for a divorce. How do you jump back into the job market? Do you need to go back to school? Do you have to change your retirement plans? Will you end up working long past the date of retirement you initially set? These are common questions to ask.
On top of financial concerns, you must also deal with the emotional impact of divorce after years or even decades of marriage. Many grey divorcees have spent the better part of their lives together. Getting back on your feet after such a major change can pose a big hurdle to many. If you find yourself in this situation, consider seeking legal help to guide you through.