06 Mar

Financial Issues In “Grey Divorce”

Divorces between older couples who have been married a long time are sometimes referred to as “grey divorces.”  Sources say that while divorce rates overall have been dropping in the United States over the last 20 years, among those age 50 and above, it has been growing.

The financial part of a divorce is often difficult, but for senior citizens, it can be even more painful. Some of the reasons it can be harder for the older crowd:

  • One spouse may have little to no financial management experience. How will he or she manage household finances going forward?
  • Dividing retirement assets can be tricky. There may have been plenty of money available to retire and support one household, but two households may not be sustainable.
  • One or both spouses may be past the age at which they can expect to find reasonable employment.
  • Poor money choices during a long marriage may mean that there is not much to split, which can be a huge problem, especially if one spouse has no ability to obtain employment.
  • The spouse in charge of the money may have hidden assets, and it could be difficult for the other spouse to uncover them.
  • If one spouse has been the primary breadwinner throughout the marriage, he or she might view the retirement assets as belonging to him or her, creating a bigger fight.

With life expectancies increasing, retirement money has to last longer. That will necessarily be harder with two households to support.

One thought on “Financial Issues In “Grey Divorce”

  1. For almost 2 years my husband of 25 years has financially abused me since I walked out of my home with a case of fight or flight and nothing else.
    My husband kept and took all monies and bank accounts. The lawyer that I hired who promised me immediate financial help turned out to be a big letdown and certainly a joke for me as even the judge nine months later at a financial hearing found that I didn’t need financial help at this time because my husband claimed I was a prostitute and made plenty of money.
    My husband didn’t even show up for the financial hearing as his attorney brought a note from his employer/best friend might I add who said it was mandatory that he be at work. Then my lawyer quit after taking thousands of dollars that I had to borrow that I could have used to save my life.
    I needed to be in a treatment center for trauma and PTSD but didn’t have the funds to make the deductible.
    I have no faith in any justice system, court room, judge, lawyer or any cop.

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