When is a Divorce Grey?
A grey divorce – a divorce that takes place when a couple is over 50, and possibly retired – can be much more costly that a divorce that takes place between two younger people, reports have shown.
Divorce in couples over 50 is on the rise, with around a quarter of all divorces falling into that age group. Studies suggest that it is because we are living longer, and realise that we don’t want to spend more time with the person we are married to when there is so much more life ahead of us. Other say that with the ‘threat’ of retirement looming the idea of being at home with our significant other can raise questions about the marriage as a whole. And if it is already a second marriage then the chances of a divorce are even higher.
The problem comes when it is time to split the assets. Due to being older, there has been more time to accumulate funds, property, and possessions in general, and this can mean that it is much more complicated to split everything during a divorce. Not only that, but there may well be more people involved – older children, children from a previous relationship and so on – who will potentially need to be cared for after a divorce.
A divorce in retirement with few assets or savings can even cause a pension to be cut in half, thus restricting the living conditions of both parties. This could mean delaying retirement or not divorcing when both parties would be happier to do so.
Another concern is that often within older couples – and younger couples too, it is not restricted to the older generations – only one of the couple deals with the finances. When they split, the person who had never had to worry about ensuring bills were paid now has to be in charge of it all, which can be both overwhelming and cause problems with arrears and missed payments.
This was the generation in which women tended to stay at home to raise the children whilst the man went out and made the money, and then made sure that everything was paid for. This could also mean that the women in these situations might not have any savings at all.
If you have any concerns over your finances after a divorce, please get in touch.