Going through a divorce in Florida at any age can be frustrating and time-consuming. Sorting out your marital assets and liabilities and determining who gets what can be a lengthy process. However, when you go through a grey divorce, you’ll likely find that it’s more difficult than getting a divorce earlier in life.
More complicated marital estates
For younger couples who are divorcing a couple of years into their marriage, their marital estate tends to be small. It may include things like a house, a couple of cars, a joint checking account and retirement accounts. When a couple that has been married for 30 years goes through a grey divorce, their marital estate tends to be much bigger. Think things like vacation homes, investment accounts and so forth. It will physically take longer to have all assets of the marital estate valued and split.
Splitting up retirement benefits
Most people who undergo a grey divorce have a much larger retirement account than couples who are divorcing in their younger years. It’s difficult for those in their later years of life to restart their retirement account and build it back up to live off of. In fact, many who are going through a grey divorce just may be retired already. This makes splitting up the retirement account more difficult to determine.
Financial impacts can be worse
Going through a divorce is going to affect your finances. However, when you go through a grey divorce, it can harm your finances even more. In fact, it’s been estimated that grey divorces will reduce each partner’s personal wealth by 50%.
Grey divorces are becoming more common than ever before. With such a surge in the elderly population going through a divorce, it’s important that those thinking about divorce consider the outcome. The above are just some of the many ways that a grey divorce will be different than going through a divorce in your younger years.