Gray divorces have been growing more common in the United States. For instance, for those over 65 years old, the divorce rate has tripled over the last three decades. Even for those who are simply over 45, divorce rates have been trending up, while younger couples have been getting divorced less often.
While all divorce cases will have some similarities, there are some significant potential differences with a gray divorce.
Finances and retirement
To start with, the financial situation can be more complex. A young couple may simply have a small amount of money in a savings account, whereas an older couple may have expensive real estate, homes, vehicles, investment portfolios and much more. Dividing up all these assets can be a lot more complicated at this age.
Plus, these couples are often considering retirement in the relatively near future. They’ll want to know how to protect their right to retirement benefits and other financial assets as they plan for the next stage in their life.
Child custody issues
One way in which a gray divorce can be more simplistic, however, is when it comes to children. Younger couples often spend a lot of time addressing child custody issues, but older couples may be empty-nesters whose children have already left the house. They don’t need to make any child custody arrangements when their children are legal adults.
It is worth noting that this is not true in every case. Some couples do have children later in life, or they may have a child with special needs who requires parental care and assistance for their entire life.
Either way, since gray divorces are becoming more common, it’s very important for these couples to understand all their legal rights and options.
