What sets grey divorce apart?

On Behalf of | Jul 14, 2021 | Family Law

All forms of divorce cause stress, but some can create even bigger struggles than you may anticipate. Grey divorce can fall into this category. With grey divorcees at such a different place in their life compared to their younger counterparts, you should expect to face a new set of troubles.

But what are those differences in the first place? What is it that sets grey divorce apart and forces couples just like you to struggle through the whole process?

Being at another point in life

Forbes takes a look at the impact of grey divorce. First, as mentioned, grey divorcees are at a much different place in life. It is easier for younger couples to recover from the financial strain of divorce, but it is not a simple feat for you. A couple in their 20s or 30s still has decades left to rebuild this cushion again even if they lose the majority of their savings.

Handling disturbances to your retirement plans

But most couples plan to retire by their 60s on average. If you are already at such an age, you may be only mere years away from retirement. Where does that leave you? You may need to maintain your job longer than initially planned in an attempt to pad out your savings further. You may pick up a part-time job while still quitting your full-time work, as a sort of compromise between working and retirement.

Some grey divorcees may have exited the workforce early to raise the family, too. This can put you at a huge disadvantage when re-entering the job market. As such, you may want to look into the possibility of a spouse covering your education costs so you can get a degree and support yourself once more. This self-sustaining support is the best way to handle post-divorce finances.