People over the age of 50 are getting divorced more often than ever before.
Gray divorce differs in a few ways from the divorce process for younger people or marriages that have not lasted very long.
Complicated division of assets
Gray divorces are older couples who typically have been together many years. This means they have many assets to deal with when they separate.
Given the advanced age of people seeking a gray divorce, a retirement account may be the largest asset they share. What may have seemed adequate or more than enough money for a couple to retire may not be enough to support two separate lives. This can cause people to work much longer than they had planned before retirement or force them to go back to work if they had already retired before the divorce.
The shared home
When a couple has lived in a home together for many years and raised a family in that home, it is common for emotional attachments to the home to form. A home is a shared asset, so if one spouse wants to keep the home, they will need to buy out the other’s share. This can cause that spouse to go into debt as they are nearing retirement. The couple may need to give up their attachment to the home and sell it so each can find a smaller home to avoid going into debt.
Gray divorce is increasing due to longer life expectancy and the increase of financially independent women. The rates of gray divorce as expected to increase as the stigma of divorce no longer exists.