There is a dramatic shift from “the way things used to be” in all areas of Australian life. It’s not up to us to say whether those changes are for better or for worse. One thing is for sure though, family dynamics are changing as much as anything else including the phenomenon that has come to be known as ‘grey divorce’.
There are so many reasons for this, people are marrying and having children later in life, grown children are not leaving the nest as early as they once did, people semi-retire or retire earlier and spend a lot more time together than they used to – those annoying habits have more time to become annoying in! Plus baby boomers, who are those now experiencing grey divorce, were the original freedom riders and many simply want to regain that sense of freedom as they enter the best years of their life.
So, what does separating later in life look like?
- A greater asset pool built by your many years of hard work. It is important to seek the right advice from legal and financial professionals as to how to best manage the division of assets later in life. Especially considering the disparity between men and women’s personal wealth (superannuation, personal savings) where the wife/mother stayed home to care for children and the household.
- A lot more amicable, which is great news. Divorcing later in life means that you are likely to have a less emotional reaction to the process of separating and dividing assets and that means that you can keep the financial expense of divorce under wraps. Options including private mediation, binding financial agreements and consent orders are all very much on the table. These can typically be wrapped up in a matter of weeks where you both agree and at a fraction of the price.
- Likely a much more emotional and irrational response from your children. Interestingly, people often put-off divorce until their children have grown and left home. It has been our experience that older children, in fact, may take your decision far more personally, and even more so than either of you in many instances. Therapeutic professionals such as psychologists and family therapists can assist with preparing for and having those tough conversations.
If you find yourself at the crossroads of separation and divorce in your later life it is important to seek the best advice from a range of experts that can work with you to traverse that new pathway and secure your financial and emotional wellbeing as you enter the best years of your life and ride off into the sunset.