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How Gray Divorce Can Be A Financial Drain In Tennessee?

On Behalf of | Mar 5, 2023 | Divorce In Tennessee |

Divorce can happen to Tennessee couples of all ages, regardless of how long they’ve been together. When an older couple gets divorced, it may be referred to as gray divorce.

How common is gray divorce?

Unsurprisingly, some couples grow apart in age. With divorce becoming less stigmatized, it’s easier for unhappy older couples to split.

Research shows that by 2030, the number of gray divorces will triple. Even though it’s more common for older people to divorce now, it doesn’t change the amount of stress it might put them under.

What’s different about gray divorce

The unique set of challenges that older couples face in a divorce is drastically different from a couple who gets divorced at a younger age. Many people above the age of fifty are considering things like retirement and estate planning, as well as medical expenses.

All of these financial stressors are just compounded by the divorce. Instead of a dual income, these couples must handle their finances alone for the first time in decades.

These older couples must also figure out how to split an entire lifetime of assets, accounts, and benefits. This is an incredibly stressful process for anyone who is relying on their spouse’s retirement account to provide for them.

For stay-at-home spouses, it’s only worse. While any stay-at-home spouse will have to adjust to being in the workforce again, an older stay-at-home spouse may have more difficulty finding work.

Solving the financial stress

Some people may postpone retirement after divorce or reduce their SocialSecurity payments. Others make tough decisions, like diving into an account early or asking their adult children for help.

There’s no one-size-fits-all solution to the unique financial stressors of divorce. But it’s important to be aware of these challenges to face them head-on.

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