Protection for Your 

Family And Freedom

  1. Home
  2.  — 
  3. Divorce
  4.  — What financial struggles do grey divorcees face?

What financial struggles do grey divorcees face?

On Behalf of | May 19, 2021 | Divorce |

Going through a divorce is difficult at any age, no matter where you are in life. But statistically speaking, grey divorcees may have more struggles than their younger counterparts in several different respects.

One of the major ways is in the financial hurdles that you may face. Unfortunately, grey divorcees will come up against numerous monetary struggles during and even after their split.

Retirement plans

Forbes discusses the financial struggles unique to older divorcing couples. First up: your retirement plans. Many older couples have their retirement plans wrapped up in one spouse’s benefits, or in a joint retirement fund. During a split, you might lose some or even all access to these benefits and savings.

Thus, many grey divorcees must make lifestyle changes, seek spousal support or even return to work or prolong their stay in the workforce. Those who return to the workforce after a long time may struggle to find a new job, too, as they cannot pad their resume with recent work experience.

Division of assets

On top of that, you must also worry about asset division. Many older couples have accumulated large numbers of assets compared to their younger counterparts. This means it will take you longer to sort through your assets, finances, accounts and physical items.

You also have a bigger chance of dealing with your spouse hiding assets. This is more likely when a couple has a larger amount, as it is easier to hide numbers or fudge information. If you believe your spouse is trying to hide assets, consider speaking to legal help or a financial forensic professional. They can help get you the amount you deserve, and what you need to maintain your quality of life.