Over the years, studies have found that “gray” divorces are becoming more common. The divorce rate for those over 45 is going up, for example. Since the 1990s, the divorce rate for those over 65 has tripled. Older couples are deciding to end their marriages more often.
In some senses, this type of divorce may be easier than one involving younger couples. For example, if two people are 60 years old and already have adult children, they do not have to worry about child custody arrangements. This can streamline the process and remove one of the main sources of conflict in divorce cases involving younger parents.
The financial side
Financially speaking, gray divorce is often more complicated than divorce for younger couples. Older couples often have financial lives that are completely intertwined. They share bank accounts, credit cards and investments. They have purchased numerous joint assets, including homes and vehicles. Many have been building wealth together for decades.
Additionally, older couples have to consider the realities that a divorce creates for their future. Maybe they are nearing retirement age. During the relationship, they expected to retire together, sharing resources like savings and retirement benefits. How is getting a divorce at 60 years old going to change what retirement looks like in just five years or so?
Because gray divorce can still be complex, it is important for older couples to know exactly what legal options they have as they navigate this process. Gray divorce presents some unique challenges, but solutions are available. It is crucial for each spouse to have their own legal professional in their corner.