18 February 2019

Love is in the Air or Love is on the Rocks?

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By Michael Rambaldini 

Director | Certified Financial Planner | Aged Care Professional

Any marriage can turn sour at any point of one’s life, but how does it look like when it is happening just when your hair is turning grey? This was how the term “Grey Divorce” was coined.

People look at senior marital splits as something shocking and of course unexpected.  Those who are actually caught in its ordeal are as clueless of it as those who are just by-standers.

There could be many possibilities on why Grey Divorce take place.

It can be an “empty nest” or when kids have already grown, left their parents to pursue their own lives.

The couple will have more time noticing their partner’s flaws when they are both seniors as compared to being young and busy in raising their kids and celebrating milestones.

It can also be irreconcilable differences brought about by personality changes because of aging.

The process of aging is relatively complex and although there are still senior couples who have stood beyond the test of time, there are also a few who have claimed to have further grown apart.

Obviously, senior couples facing divorce are not exempt from the emotional roller coaster disaster, the confusion and the stress in dealing with this scenario.

And then when it boils down to finances, it doubles the chaos. When both spouses still have the best careers or income during their younger days and money was constantly available, they might not find this part as an issue. But when they have reached retirement age and are restricted to a fixed income, their lifestyle might not be the same as before. As soon as the changes are appearing, the financial problems start pouring in and could propel the senior couple to divorce.

Love after all is a decision and a choice and not just a pure emotion.

If you’re in this situation or might know someone who’s in this dilemma, please don’t hesitate to reach out for help. Financial recommendations might be answer to alleviate these concerns.

For more information, you can check out our website www.verante.com.au or find us in Facebook, LinkedIn or Twitter.

The author is an employee of Verante Financial Planning in Castle Hill, Corporate Authorised Representative of Magnitude Group Limited, Licence No 221557, Magnitude Group Limited ABN 54 086 266 202.

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