As an older couple, you may face unique hurdles if you decide to get a divorce. Despite that, more and more couples aged 50 and up are going through with their plans to split up in recent years.
To make an informed decision, it is important to understand the pros versus the cons. This way, you can weigh your choices and select what is best for you.
Consider your retirement
Forbes takes a look at the unique struggle that grey divorcees face. Most of them revolve around finances and your position in life at the time of divorce. Younger couples often have an easier time bouncing back, and many do not even need to consider the same things you must.
For example, many young divorcing couples are nowhere near retirement age. They have plenty of years ahead to consider what they should do about retirement funds and savings. But you are likely hoping to retire in the next few years. What happens if your spouse was the one with the retirement plan, and you were relying on it?
Dividing joint assets
On top of that, you likely have more combined assets, too. Over the years, you may have ended up with numerous joint accounts. You have likely both put money toward big ticket items as well, such as electronics, vehicles and property. Therefore, you will have a lot more to go through when splitting up your assets. This is often a difficult and annoying process.
In the end, you must decide if a divorce is worth potentially needing to work longer, or the trials of dividing many joint assets. For more and more people, the answer seems to be yes.