I had a laugh to myself when I saw this term in a recent article I was perusing. Statistically, there is less chance of one divorcing when one gets older but I guess that because of the aging population, there are more people in the “grey” category who are actually getting divorced.
However, my laugh turned to indignation when I realised the age limit to qualify for “grey” was 50 and over. Seriously?
Having recently turned 50 myself (and luckily not being grey), I started thinking about other close friends and colleagues. The fact is that none of us even remotely would be thinking about retirement around 50 or even 55. What was once known as the “grey” part of one’s life (being around 50) has surely moved to 60-65 despite the colour of one’s hair?
Divorce at any age has a substantial impact on one’s financial health. I guess the older one is the more potential it has for a more damaging impact. That is especially so if one has already been through a divorce before they are 50.
If you are 50 and over and entering into a second, third or fourth relationship then you better get that Pre-nup done (Binding Financial Agreement) to protect what little you may have and whatever you may build up in the future.
For those that have been lucky in life and haven’t yet separated and are over 50 (and perhaps not grey), then you better just hope that you’re on the good side of the statistics and that divorce never comes to you later in life.
It is very difficult for either spouse to restart again and if one did not have sufficient assets to divide at a latter age, then divorce becomes a rather frightening financial reality.
From time to time, it is common to see people well into their 70s or even 80s fighting in the divorce courts. I recently was involved in a matter where the parties settled their matter and my client was in his 80s.
This got me thinking that it is even more imperative when one is in the twilight years of their life to make sure that they work things out sensibly and amicably through mediation or other alternatives to litigation.
Going through a divorce later in life is certainly tough, but if done in an amicable and non-litigious manner, then both parties can still walk away relatively quickly with their heads held high.