Across the board, divorce rates continue to rise every year. This is true for almost every age bracket, up to and including those aged 50 and over. Divorcees in this age group have several monikers. They include grey divorce, diamond divorce, or silver splitters.
But what is it about a diamond divorce that sets it apart from others? Are there any significant differences that being in such an age group brings?
Being in a different place in life
Forbes examines the phenomenon of divorce among couples over 50. In specific, they also take a look at the potential differences that grey divorcees face in comparison to other individuals. The fact of the matter is, couples aged 50 and over can and do face substantial differences in the divorce process. But why?
First of all, you are in an entirely different place in your life than someone in their 20s or even 30s. You are closer to retirement. You have different desires and goals. You want different things out of your future. You also have different needs and priorities. For example, you will likely focus more on retirement than someone in their 20s. You will also have less room to rebuild finances or retirement funds if you lose a substantial amount in a divorce.
Accumulation of assets
You and your spouse have also had much more time to accumulate joint assets. This means the process of disentangling your assets will take longer for you than a younger couple. It will also cost more money and present a potentially larger emotional and mental burden. These are risks you must know and take on willingly if you decide to go through with a divorce.