People often assume that once a couple is older, they won’t want to divorce. While it’s true that many people will stay together forever, gray divorce has become fairly common. This refers to a divorce involving people who are 50 or older at the time of the split.
While these individuals usually don’t have to worry about things like child custody, there are other matters they must think about when they’re divorcing. One of the primary points that may lead to contentious discussions is property division.
Challenges of property division
Couples going through a gray divorce may have several assets to divide. This often includes a marital home and retirement accounts. Dividing these can take considerable time and will likely require the couple to have the assets valuated.
They also have to think about how marital debts will be divided. Selling off some assets to pay off debts might be beneficial so neither person has to worry about those.
Financial uncertainty is common
Throughout their working years, the couple likely pooled their money together to build up retirement savings that could support their single household. When they divorce, that savings will have to support two separate households. This could mean that they have to return to work or lower their standard of living.
Because the property division process is so complex, people in this situation should ensure they understand all the options they have. They should go through these logically to determine what’s in their best interests so they can start their new life off on the best financial footing possible.
