Grey Divorce is Not Black and White

Grey Divorce is a term used to reference couples divorcing after the age of 50.?It’s a growing phenomenon.?Currently, grey divorces make up a quarter of all divorces.?Some of the key factors contributing to the increase in divorce among this demographic are longer life expectancies, changing attitudes towards divorce, increased financial independence and empty nest syndrome.

As you may imagine, the longer a couple is married the more there is to divide and consider as their relationship comes to an end.?Older couples tend to have more assets, such as real estate, retirement plans, pensions, and social security benefits.?Dividing these assets and supporting two households can become complicated, especially if there was only one main source of income during the marriage.??With the division of all financial assets, couples also need to understand the tax implications of their decisions.

Additionally, if one or both parties are working, the ability to retire at the age previously contemplated by him/her may need to be considered or reconsidered.

Another big consideration among grey divorces is the family home.?At this point in their lives, a couple’s children are likely grown, and the home is not necessary for them.?The expense of owning and maintaining a large home on a single income may not fit into either of the parties’ financial plan upon divorce, thereby leading to the sale of the home and the division of profits.

The one plus side to a divorce later in life is that couples do not need to consider the legal issues related to child custody.

There are so many factors to be considered when facing a divorce at any age, which is why it is always best to speak with an attorney and obtain advice on your specific circumstances.

We are always here to answer questions.