How Does Gray Divorce Differ From Divorce Involving Younger Couples? 

 Posted on April 26, 2023 in Divorce

The term gray divorce refers to a divorce involving individuals over the age of 50. Many people are surprised to learn that divorce among older people is extremely common. In fact, the divorce rate for this demographic has risen more than for any other age range.

If you are planning to end your marriage and you are over age 50, make sure you understand how gray divorce differs from divorce involving younger couples. Work with an experienced lawyer who understands these complexities.

Older Couples Often Have Greater Wealth

One major difference between gray divorce and traditional divorce is that couples in their 50s or older often have far more assets than younger couples. Instead of having a rental and a few modest possessions, an older couple may have a main home as well as a vacation home, significant investments, jewelry and other valuable possessions, retirement accounts, and more.

Divisions of assets in a gray divorce require careful consideration because the value of items may be difficult to value and determine ownership of. In addition, the tax implications of asset division must be taken into consideration.

Custody and Child Support May Not Be An Issue, But Complicated Family Dynamics May Be

An older couple's children are usually grown adults, so issues such as child support and child custody are not usually a concern in a gray divorce. However, this does not mean that a divorce cannot upset the family dynamics.

Grandchildren, adult children, and extended family members can all be affected by a gray divorce. Plan for how you will minimize any potential interference with family relationships and manage possible tensions.

Spousal Support May Be Financially Necessary

Another major difference between gray divorce and traditional divorce is that spousal support may be necessary for a spouse over 50. If one of the spouses is disabled and cannot work, has been out of the workforce because they were a stay-at-home parent, or has limited job opportunities due to their age, they may not be able to financially support themselves post-divorce. Spousal maintenance may be ordered by the court to ensure that the spouse can continue to live comfortably and maintain their quality of life.

A Spouse May Need to Delay Retirement

Gray divorce can also have an impact on retirement plans. If one of the spouses was counting on their partner’s income in retirement, they may need to delay their retirement in order to support themselves. Older spouses are encouraged to work with a financial professional to determine how they can continue funding their retirement while also taking care of themselves post-divorce.

Contact our DuPage County Gray Divorce Lawyer

If you are getting divorced and you are over age 50, make sure you understand how a gray divorce may differ from other divorces and the unique needs you may have. Contact the skilled Kane County divorce attorneys at Divorce Over 50 - Goostree Law Group to get the legal help and support you need. Call 630-634-5050 for a consultation.

Source:

https://www.americanbar.org/groups/dispute_resolution/publications/JustResolutions/just-resolutions-march-2022/how-grey-divorce-differs-from-a-typical-divorce/