The term gray divorce often just refers to those who are getting divorced later in life. This age group could contain Baby Boomers, for example, or may generally refer to those over 50 years old. It has been growing more common, as this age group has an increasing divorce rate.
There are those who think that a gray divorce will be less complicated and that they can get through it relatively quickly, with a low level of conflict. This is usually just because they are considering child custody issues. Couples who get divorced in their 30s or 40s may spend a significant amount of time determining how parenting time should be allocated, whereas couples who have adult children do not have to worry about this at all.
The complexity lies elsewhere
However, that does not mean a gray divorce is easy. In some ways, it can actually be much more complicated.
Consider dividing assets, for example. A couple in their 20s who has only been married for a few years will not own that many marital assets that they have to split up. But a couple in their 60s, who have been married for 30 years, may own almost everything jointly. This can lead to many conflicts regarding how these assets should be divided, especially when considering things like an inheritance, real estate, business ownership and much more.
On top of that, couples getting a gray divorce are often retired or getting close to retirement age. This means that they have to consider what to do with retirement savings, bank accounts, retirement benefits earned through an employer, pension plans, investments and things of this nature. It is imperative that they understand all of their rights to protect their ability to retire after the divorce.
Because a gray divorce can be so financially complex, it is often helpful to work with an experienced divorce attorney.
