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‘Gray divorce’ presents unique issues for older adults

On Behalf of | Feb 23, 2022 | Uncategorized

Sometimes just because you spent years or even decades married does not mean your union will last forever. In fact, the divorce rate of couples over age 50 is the highest of any age group so much so that these divorces are referred to as a “gray divorce.” There are some issues those in a gray divorce face that are different than the divorces of their younger counterparts.

Divorce and children

When your children are still under age 18, issues of child custody and child support are of primary concern. However, those age 50 or above may be empty-nesters and are now revaluating what they want the rest of their life to look like. Child custody and child support may be non-issues in a gray divorce.

Divorce, money and property

While child custody and child support may not be relevant to a gray divorce, issues involving property division and spousal support may take center stage. These days more women are in the workforce and may be less dependent on their spouse’s income. However, this means both spouses will have to adjust to living on a single income post-divorce.

Conversely, sometimes one spouse stayed at home and out of the workforce entirely while married. This situation may mean that spousal support is a primary concern. How retirement accounts and other major assets are divided can be a complex undertaking. Ultimately, it is essential that property division and spousal support are fair to both parties without necessarily impoverishing either one.

Protect your rights

Ultimately, you will want to familiarize yourself with divorce legal issues if you are looking at a gray divorce. By understanding your options, you can make decisions that are in your best interests.