A gray divorce is not a technical term, but rather a general term that refers to older couples deciding to end their marriages. Often, these couples are at least in their 50s. These divorce cases are viewed a bit differently than those involving younger couples, such as those getting divorced in their 30s.
Interestingly, the gray divorce rate has been increasing in the United States. For those over 45 years old, the odds of getting divorced have been rising, and the rate has increased threefold for those who are over 65. With the increase in these types of divorces, it is important to consider some of the complications they can create.
Financial issues
These complications are often financial. Naturally, older couples are less likely to have to deal with child custody cases, but they may have been married for decades, so they have an incredible amount of marital assets. In many cases, couples in this age bracket essentially share everything that they own. They have to split up savings, investments, real estate, home furnishings, collections, cars, artwork and much more.
Additionally, many couples in their 50s and 60s have been planning to retire together. A divorce means that they are going to have to retire independently, but they may be just a few years away from doing so. This can make it complex to divide money that was specifically set aside for retirement, and they may also have to address things like retirement benefits or a pension plan provided by one person’s employer.
When sorting out all of these financial details, it is critical that couples going through a gray divorce understand exactly what legal steps to take.