As divorce rates continue to decline in the U.S., in one primary demographic they are ramping up: couples aged 50 and older. In fact, the divorce rate of adults over 65 has nearly tripled in the past 25 years. There are several theories of why older adults pursue a divorce after many years of marriage. Often, these older couples have different ideas about how they’d like to spend their golden years, retirement, and more opportunities for their next decade of life. These couples reach an impasse when they eventually realize their interests have diverged so completely that their differences are irreconcilable.
Later-in-life divorces are different financially and emotionally than for couples who divorce at a younger age. For instance, longer marriages tend to accumulate far more assets over time, and dividing the marital assets and property is a complex process. That’s because distinguishing separate and community property can be difficult if not impossible if the records are long lost to the sands of time.
Examples of assets grey divorcees potentially have include:
- Pension plans and other retirement benefits
- Employment bonuses
- Life insurance benefits
- Stock options
- Partial ownership of other entities or assets
- Executive compensation
- Airline miles
- Hotel points
Ending Your Lengthy, Less-than-Happy Marriages
You’ve probably harbored negative feelings about your marriage for a long time before you pursue divorce in your later years. The spark is long gone, and with the adult children living on their own, what better time to split up and start fresh? At this point, you figure you have nothing to lose and everything to gain and you’ll trade the stability of marriage for the prospect of adventure and renewed purpose. Still, divorce involves grief over the loss of your relationship, even in the best-case scenario. But there is light at the end of the tunnel. By leaning on your support group or enlisting the help of a professional therapist can help guide you through the struggles and heartache.
The legalities of ending your marriage later in life makes it imperative that you find a competent divorce lawyer to fight for your best interests. A skilled divorce attorney will help evaluate your assets and divide them equitably between you and your ex-spouse.
We understand divorce is a very sensitive issue regardless of your age. Your divorce attorney is your biggest ally throughout your divorce, whether you’re going through a grey divorce or a more typical divorce. Contact us today at (937) 468-3796 to book a consultation.