What Issues Are Common in a “Gray” Divorce?

What Issues Are Common in a “Gray” Divorce?

If you have weathered the inevitable highs and lows of a marriage of many years, you may feel like you should be impervious to divorce. The fact is, however, that gray divorce – or divorcing in one’s later years – is on the rise. Because older couples generally have considerable assets that they have amassed together over the years, and because older couple’s finances are often more complicated, gray divorce can be even more challenging than many typical divorces among younger couples. If you are facing divorce in the later stages of life, consult with a Charlotte divorce lawyer today. 

The Statistics of Gray Divorce

A “gray” divorce involves couples aged 50 or older. According to a study published in The Journals of Gerontology, gray divorces were once uncommon, with only modest rates recorded between 1970 and 1990. However, since that time, gray divorces have become more common. The study authors found that:

• The rate of people aged 50 and over who divorced doubled from 1990 to 2010 (from 5 divorcing persons for every 1,000 married persons in 1990 to 10 per 1,000 in 2010).
• In 1990, only about 8% of people going through a divorce were over age 50. As of 2019, that number rose to 36%. 

Why Gray Divorce?

It is not clear why it’s becoming more common for people to divorce in their 50s and beyond, but potential causes include people living longer and an increased cultural focus on wanting to get the most out of life. For some people, this could mean leaving an unsatisfactory marriage. Further, the social stigma generally associated with divorce has lessened over the years, and as gray divorce becomes more common, pursuing a divorce at an older age may seem less daunting than it once did. Divorce can also be common once children leave home, as the parents may become more aware of issues in the marriage after day-to-day parenting tasks decrease, or they may intentionally wait to divorce until the kids are grown.

Financial Complications of Gray Divorce

Most couples who have been married for decades have naturally intermingled nearly all of their assets and debts along the way. Further, these couples are closer to retirement, and financial instruments related to retirement tend to complicate the division of marital property. The fact that these instruments will be coming into play sooner rather than later makes the equitable division of marital property that much more important. 

The financial risks of gray divorce can be very serious for a spouse who stays home to care for the household for all or most of the marriage instead of working outside the home. It can be extremely difficult for a spouse in this situation to establish themselves financially and work outside the home in a manner that supports their way of life. For this reason, many gray divorces involve complex alimony determinations.  

If You Are Facing a Gray Divorce, Consult with an Experienced Charlotte Divorce Attorney Today

A gray divorce will often have unique financial complications, but the dedicated divorce lawyers at Waple & Houk, PLLC, in Charlotte have the experience, knowledge, and commitment to guide your case toward its most positive resolution. Your rights and best interests matter, and our dedicated legal team is here to help. For more information, please don’t hesitate to contact us today.