Although the general population usually thinks of retirement as something that married couples will enjoy together, research shows that many retirement-age couples are splitting up. Nicknamed “gray divorce,” divorce over age 50 has doubled in frequency since the 1990s. Older couples split up for a variety of reasons. Sometimes the stresses of finances and taking care of the house get the better of a couple, other times, infidelity ends the marriage, and sometimes, a couple simply does not wish to be married anymore.
Gray divorces like these are particularly complicated. When a couple in their 20s gets divorced, they are usually not as financially established as an older couple would be. Couples in their 50s and 60s often own their home and vehicles and have more valuable assets. One of the biggest concerns for older individuals who divorce is how divorce will affect their retirement. If you are considering divorce, you should be aware of how divorce will affect your retirement and how to plan for these unexpected disturbances.
Dividing Retirement Accounts