Grey divorce is a term applied to divorcing couples aged 50 and over. Grey divorcees often have many good reasons for getting a divorce even after potentially decades of marriage. At the same time, there are also many unique hurdles that only older couples face.
What are the pros and cons of grey divorce on a whole, then? And how do you decide if it is the right option for you?
Benefits of grey divorce
Forbes discusses some of the reasons behind grey divorce, which may also highlight many of the benefits. For example, many couples are realizing at older ages that their lives are not yet over. If they are in a marriage they are not satisfied with, they realize they can move on and try to find other relationships. This often creates a freeing sense and helps alleviate anxieties or depressive feelings.
On top of that, it often improves relations within a family, too. Many older couples are able to maintain friendships after divorce, which can alleviate the stress that a younger divorcing couple may face.
However, many grey divorcees will struggle with issues tied to finances and assets. In particular, joint assets and retirement can create major issues. For joint assets, equitable division often takes a lot of time and effort even in an amicable divorce. This is simply due to the sheer amount of joint assets you have likely accumulated over the years.
Retirement presents another big hurdle. If divorce significantly impacts your retirement plans, you may have to delay retirement. You may even have to go back to work if you are already retired to help pad your savings.
But choosing whether the pros outweigh the cons or vice versa is a deeply personal decision. No two individuals will have the same reasonings for reaching their conclusions.