Divorce is challenging for every couple because you have to unravel your lives and start a new future centered on your needs.
However, there are unique challenges for couples who divorce later in their lives. It’s critical to what those struggles are, so you can avoid them or effectively solve them.
Most couples have children during their marriage, but those children grow up and led great lives of their own. It makes sense that those adult children may have strong reactions to their parents’ separation.
Some children will attempt to mend the marriage, despite glaring issues. Or they will choose sides between their parents instead of fostering a relationship with both. They may try to be supportive and become overwhelmed in the process. No matter the age, it is challenging to see these reactions from our children.
A change in retirement
Along with strong responses, divorce invokes strong changes in life plans – including retirement. Most couples have joint accounts or shared plans to cover the costs of retirement, whether it’s IRAs, 401(K)s or social security benefits.
All those shared accounts might be eligible for division under Colorado’s court, which is devastating if one person acted as the leading provider. There is a possibility you may lose a significant portion of those funds to your former spouse.
Division of shared property
Similar to retirement plans, there is a possibility you will lose precious assets during the division process. If you received something before the marriage, it wouldn’t be affected by property division. However, people who are in long-term marriages tend to share most of their possessions, which means most of the property could be eligible for division.
That means you may lose the home, the timeshare, the car and anything else you bought throughout your marriage. It’s a challenging thought, especially if you are starting over later in life.
Despite the challenges of grey divorce, most couples know they are making the right decision for themselves. You need to take your time and figure out a resolution that works for your circumstances and your future.