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Do grey divorcees face bigger financial struggles?

On Behalf of | Jun 7, 2021 | Family Law |

Every divorcing couple will face their own unique hurdles throughout the process. However, your general age bracket can and does impact the type of hurdles you may face. There are a number of issues older divorcees deal with that younger couples may never even think about.

Among these issues are the financial struggles you may face. But what exactly are the issues you will come up against?

Rebuilding lost assets

Forbes explains that grey divorcees often face different hurdles than younger couples. This is especially true when it comes to financial problems. In particular, you face a shortage of time compared to younger couples.

For example, say you get into a situation where you lose half of your shared assets in the split. A younger person will have decades ahead of them to regain those assets. You, on the other hand, might have already retired. If not, perhaps your time is coming soon. Maybe you even left the workforce at a younger age to raise your family.

So then, how do you make up those losses? Some people will continue working past their initial planned retirement. Others may need to go back to work, which is sometimes difficult if you have not entered the workforce in years or even decades.

Handling retirement

Likewise, the loss of retirement plans or benefits can create a huge setback for your future. You cannot simply get a job that promises a retirement fund in however many years at this point, as it would likely mean working well into your 70s or even 80s.

These struggles are just a few things that set grey divorce apart. If you are considering splitting, consult with legal help first to see what you can do to mitigate these risks.