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What lies in wait after divorce for older divorcees?

On Behalf of | Jun 2, 2021 | Divorce |

Life after divorce is a big mysterious question mark for most couples. Even if you read up on other people’s accounts, experiencing it firsthand is an entirely different thing. This is true for grey divorcees, too.

But grey divorcees face a different reality from younger couples. While the grey divorce community continually grows and works to help other members out, it is still relatively new territory for many. Just what can you expect from grey divorce?

Losing benefits after the split

Forbes examines some of the most common challenges faced by grey divorcees. Many of them revolve around finances, assets and benefits you will lose after the split. Indeed, adjusting to financial differences in the aftermath of divorce often proves the biggest struggle after the emotional adjustment.

In many older couples, one member of the pair may have stayed home during prime work years to raise the family. This leaves this person reliant on the working spouse’s benefits, including their retirement plan. While this is not a bad idea for couples who stay together, divorce throws a wrench into the whole thing.

Restructuring your expectations

Restructuring your expectations is the first big change you will face. You will have to decide how you will support yourself through retirement years without a reliable source of income or a spouse’s benefits.

Another big issue comes in the form of medical coverage. The older you get, the bigger your medical bills become. Without benefits or support, how will you cover them? These are questions you need to ask yourself before the split. You may also want to seek legal help when making these decisions.