Gray Divorce: Everything You Need To Know

|

Going through a divorce after 50 can be extremely challenging, not to mention the emotional difficulties associated with such a momentous break-up. Couples who divorce at an older age have usually been together for a substantial amount of time, usually no less than a decade or more. Some couples choose to divorce at this age because the children they share have grown up and no longer rely on them as much, while others simple divorce after 50 because that’s when they decided to go their separate ways. Whatever the reason, these types of divorces come with their own sets of challenges, many of which differ from the difficulties younger couples face during a divorce.

If you are going through a divorce and are over 50 years old, make sure you know what to expect from the gray divorce process.

Gray Divorce is More Common Than You Think

Some people may think that divorcing at an older age is rare, but it’s actually become something of a trend over the past decade or so. More and more people are seeking a divorce in their 50’s, so much so that the term “gray divorce” has been applied to the party at large. Some people think divorce rates for those over 50 have increased because human lifespans have increased, while others speculate that couples wait to divorce until after their children have left the nest. Whatever the reason, more people than ever before are choosing to end their marriages later in life, endeavoring to start fresh.

Dividing Assets & Properties

For most couples, dividing their properties is the most challenging aspect of the divorce process. Asset division can be especially difficult for gray divorcees because they have had more time to gather shared properties, investments, retirement funds, bank accounts, possessions, and various other valuable assets. Unfortunately, dividing your assets can take up a substantial amount of time when you have more to divvy up, which opens the door to potential arguments and tension between spouses.

The Financial Implications

While the divorce process isn’t necessarily more expensive for those over 50, it can be more difficult for older individuals to take on the financial burden associated with divorce. Individuals in their 30’s or 40’s typically have more time to bounce back after the expense of a divorce, while older folks are already looking to settle down into retirement in the near future. Because most older individuals are in a different position with their finances, taking on a divorce later in life isn’t always ideal.

Other Factors Applicable To Those Over 50

Unfortunately, with age often comes an overall decrease in health, which can make nearly everything more difficult. If one spouse relies on the other for healthcare, it might be challenging to find a divorce solution that allows that spouse to continue receiving the care they require. This becomes an especially important issue if either spouse is in poor health or has a serious illness, such as cancer, Alzheimer’s, a heart condition, or any other debilitating ailment.

If either spouse is deemed incompetent, and therefore unable to make his or her legal decisions on their own, a guardian will have to be appointed to them to oversee their interests. In some cases, this may be the individual’s adult children, which can make the divorce especially hard on the entire family.

Let Our Firm Help

Whatever you’re going through, our family law attorneys at Ford & Friedman are here to help. We understand how complicated, emotionally difficult, and stressful it can be to divorce after 50, which is why we want to make the process as simple and straightforward as possible. If you are ready to file for divorce, our attorneys are prepared to protect your interests.

Contact Ford & Friedman today to discuss your case with our Henderson divorce attorney.

Categories: 
Share To: