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Understanding the unique issues in a gray divorce

On Behalf of | Sep 15, 2023 | Divorce |

Dissolving a long-term marriage can be especially difficult for couples over 50. Some call this a gray divorce. The ending of a relationship that has lasted decades presents challenges typically not present in other divorces.

We will examine some of the reasons for gray divorces and their complexities.

Why is there an increase in gray divorces?

There are several factors contributing to the rise in gray divorce, such as:

  • With advances in healthcare, people are living longer. If they are unhappy in their marriage, they realize they have several more years to live and are more willing to make a change.
  • Attitudes towards divorce have changed significantly.
  • Both partners likely work, leading to greater financial independence for each one.
  • Children may have left home, and the couple realizes they have drifted apart.
  • A desire for personal happiness.

However, due to the longevity of their marriage, they need to deal with different problems, including:

  • Retirement planning: Divorcing later in life can significantly impact savings. Splitting retirement funds may require both spouses to adjust their plans.
  • Division of assets: The longer a couple has been married, the more their assets become intertwined. It becomes difficult to determine what is shared and separate.
  • Health insurance: As people age, they are likely to develop more health conditions. This can be a major concern if one spouse is covered by the other’s health insurance.
  • Alimony: It may be more complex to determine the amount and duration of alimony due to factors such as retirement and health conditions.

The emotional toll of a gray divorce can be devastating. It may be difficult to consider its impact on your financial future. Working with someone who will protect your interests is essential while you are trying to navigate your divorce.