If you look back over roughly the last three decades, there is a very interesting divorce trend. For those who are at least 65 years old, the divorce rate has tripled. These cases are also referred to as gray divorces.
And it is not just the elderly who are seeing an increasing divorce rate. Some reports claim that anyone who is 45 and older is technically in an age bracket where the divorce rate is rising. For younger couples, under 45, the divorce rate has actually been declining.
What does this mean for divorce cases?
A gray divorce case can often be very complex on many fronts, especially from a financial perspective. A couple in their 60s likely has far more assets than a couple in their 20s. They have to determine how they are going to split up savings, investments, retirement benefits and home ownership. They have had decades to accumulate wealth together, and now something has to be done with it as they get a divorce. They also have to consider how this affects their retirement plans, if they were initially planning to retire together.
There are some areas in which a gray divorce may be a bit simpler, depending on the family situation. A couple in their 60s is unlikely to have minor children still living in the house with them, for example, so they will not have to sort out the details of physical or legal child custody.
You can see that these cases tend to be different than divorces at a younger age, and they deserve specific consideration. Be sure you know exactly what legal steps to take while working through this process.
