As divorce rates continue to climb in America, almost all population groups have seen an increase in splits. This includes grey divorcees, the term used to describe divorcing individuals aged 50 and up.
Grey divorce refers to the process of divorcing between these grey divorcees. It actually differs in several ways from divorce among younger age groups, too. But in what ways?
Finances for older and younger couples
Forbes takes an in-depth look at grey divorce. As this phenomenon continues to grow in scope, it poses several questions. First, in what ways does grey divorce differ from divorce among younger couples? The answer might surprise some, as it differs in quite a few ways.
After all, an older couple is in a completely different place in life compared to their younger counterparts. This is especially pertinent when it comes to financial status. A younger couple has much more time to get back on their feet. Older couples, on the other hand, are often approaching retirement if that has not already happened.
Facing choices about retirement
Thus, a major question grey divorcees face is: what do you do if your retirement is in jeopardy? Some couples actually choose to stick together in spite of their struggles specifically because the financial struggles would be worse. Others choose to face the possibility of needing to find new work at an older age just to finalize their split.
As mentioned, grey divorce rates continue to rise despite the struggles grey divorcees face. You can still take steps to make it as easy on you as possible, though. Consider contacting legal help to learn more.