Getting divorced later in life is not as uncommon as we would like to think. It has now become a global phenomenon where many elderly couples in their 60s get divorced even after spending decades together. Such divorces of older couples are now being referred to as “Grey Divorces” or “Silver Divorces”.
Everyone has a right to be happy in life, no matter their age. This realization has been hitting home with many older couples. The number of people seeking a divorce at an older age has been on the rise.
If you are contemplating a silver divorce in Singapore, here are the things you must consider:
After having spent years together, older couples often are used to sharing expenses and pooling resources. However, if you get divorced, you will have to get by on your own. You will have to cover all your expenses, from utilities to groceries to doctor bills, all on your own.
Having to pay for everything from your pocket can significantly make a dent in your savings. You will also have to rethink your future plans as you may not have access to as much cash as you had before.
Make sure that you discuss your current financial situation with your divorce lawyer and financial planner. They can help you put a viable financial plan in place and protect your retirement income.
Related Article: 3 Common Financial Issues in Divorce in Singapore
According to Singapore laws, when getting a divorce, the court will divide your matrimonial assets fairly and equitably. It can be quite tricky to determine matrimonial assets in a silver divorce. You have spent decades with your partner, and hence the lines between personal and marital property have blurred over time.
It is important to hire a good Singapore divorce lawyer who can help identify the matrimonial assets and your rights towards these assets. Understanding your assets can help you get a fair share with absolutely no shocking surprises during the process.
Related Article: Factors influencing division of matrimonial assets
Cost-effective divorce alternatives
Finances can be a big concern in a silver divorce. Hence, it is recommended that older couples look for cost-effective divorce options. Your divorce lawyer would be able to suggest the most efficient and economically viable ways for the dissolution of your marriage.
Try and avoid as much conflict as you can during your divorce proceeding. The more amicable your divorce is, the more you save.
Related Article: Fixed Fee Uncontested Divorce in Singapore
Emotional and health considerations
Older couples typically have more health concerns than younger ones. Hence, if you are thinking about a silver divorce, do also consider the emotional and health aspects of it.
- Can you emotionally and physically endure the potentially stressful process of a divorce?
- Are you confident that your loved ones will stand by you as you get this divorce?
- Do you have the required emotional support as you go through this divorce?
Look at the whole situation as honestly as you can and only then make a decision.
Related Article: Finding the New You after Divorce
If you have been thinking of a silver divorce, it is best to consult with a good divorce lawyer Singapore to weigh your options. Divorce is a huge decision. Make sure that you are physically, emotionally, and financially ready for it.