Some individuals think that if people have been married for decades, they’ll last a lifetime. But, that’s not always the case. Some couples opt to call it quits after a lengthy marriage. When the individuals are 65 or older, the divorce is known as a gray divorce.
There are some very specific considerations that you have to think about when you’re in this position. While you may not have to think about child custody and similar matters, you do have other things that must be handled.
Division of assets
The division of assets is one of the primary things you’ll have to do when you’re going through a gray divorce. For some, the retirement assets are some of the biggest ones they hold. While they were building those accounts, they were basing what they needed on being able to support one household.
When the couple divorces, they have to divide the retirement accounts. What was meant to support one household now has to support two. This could mean that you have to return to work to be able to make ends meet. That can be a difficult change to have to deal with at this age.
The property division aspect of a gray divorce may set you up on the best financial footing for your new life. Because there’s so much to consider, it may be best to have someone familiar with these divorces. This may help you to approach these decisions from a logical standpoint instead of from an emotional one.