What financial struggles do grey divorcees face?

On Behalf of | May 15, 2021 | Blog, Divorce |

Grey divorce refers to divorcing couples age 50 and over. As grey divorcees, you will face a significantly different experience than younger couples going through a split. Though the benefits you gain might hold more weight, you can also face steeper hurdles, too.

In particular, the financial hurdles you face will likely prove a much bigger difficulty than it would if you were younger. But what sets your struggles apart?

Differences in household income

Forbes discusses how grey divorce impacts divorcees. In particular, finances will often prove a big issue. For example, retirement often poses a problem. Many older divorcees had one primary supporting spouse throughout the marriage. Many women also end their careers early to stay at home and raise their children, too. Unfortunately, this can cause a big problem later when you need to return to the workforce but have no recent experience.

Because of this, you may want to seek alimony or other forms of spousal support. This can help you maintain a style of living you know. You can even consider returning to school to help open up new career paths and job opportunities.

Worries about hidden assets

You also have to worry about your finances. As an older couple, you likely accumulated more assets compared to a younger one. Unfortunately, this makes it easier for a spouse to obfuscate information and hide assets away. They may assume you will not look too closely at any discrepancies, or that you may not notice them at all. If that happens, you can contact a financial forensic specialist to take a closer look. This will ensure you get what you need to continue life comfortably after your split.