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What you should know about gray divorce

On Behalf of | Jun 14, 2021 | Divorce

There has been an uptick in gray divorce, which involves individuals who are at least 50 years old ending a marriage. Some of these are shorter marriages, but many couples end marriages that have lasted for decades. While there are likely many reasons for the rise in gray divorce, but some are more common than others.

One of these is a change in the meaning of marriage. People have begun to focus more on getting personal fulfillment from marriage rather than thinking of it as a joint venture. Further, many women are more likely to have well-paying jobs, and they aren’t as dependent on husbands to support them as in previous generations.

The impact on finances

People who are going through a gray divorce have to consider how it will impact their finances. These individuals might be retired, but the retirement account was likely built up with the notion of only supporting one household. With the divorce, it will have to be split up so it can support two households. This might mean that some retired people who divorce will need to return to work so they can make ends meet.

While people going through a gray divorce typically don’t have to worry about child custody or child support, they may have considerable assets to divide. This can take a lot of time and effort, and it can be a highly emotional process as well.

Anyone who’s considering a gray divorce should consult an experienced family law attorney as early as possible. This will give you the opportunity to learn what options you have so you can make decisions that you feel are in your best interests.