Gray divorce has become much more common over the last few decades. For those who are around 65 years old, the divorce rate has tripled. Even for those who are just over 45, the rate has been trending up. This is in contrast to couples who are under 45, as their divorce rate has been trending down.
Divorce can happen at any age, but that doesn’t mean it’s going to be the same. What is it that makes gray divorce a bit different than it would be for younger couples?
More financial considerations
For one thing, the financial side of a gray divorce can get complex. A couple in their early 60s is close to retirement age, so they have to consider things like retirement benefits, savings accounts, investments or pension plans. These couples also tend to have a more significant number of assets, such as homes, vacation properties, businesses and the like. It can be more complicated to divide assets and finances than it would be for a couple who’s getting divorced in their 20s.
Fewer family considerations
But a gray divorce isn’t more complicated in every way. For instance, it’s much more likely that the couple will not have minor children. This means that they don’t have to address family considerations like how to split up child custody rights or whether one person needs to pay child support. A couple getting divorced in their 20s may spend a significant amount of time discussing custody, while a couple in their 60s would not have to address it at all.
No matter what age you are when you go through a divorce, it’s very important to understand all of your legal options and the steps you’ll need to take.
