The term “gray divorce” generally refers to couples who are divorcing later in life after the age of 50 and they are on the rise. Couples divorcing later in life can have different concerns on their minds than for couples going through the divorce process earlier in life.
How common are gray divorces?
During 2015, 10 out of every 1,000 couples that were aged 50 and over got divorced. This was double the number of couples in the same age group divorcing in 1990. For couples over the age of 65, the rate of divorce roughly tripled over the same 25-year period. As the overall divorce rate has been declining since 2015, the divorce rate for gray divorces, or those over 50, has continued to climb.
Challenges gray divorces can face
The financial strain of a gray divorce can be significant which is why couples divorcing over the age of 50 should be prepared to prioritize and protect their interests during the property division process. When divorcing later in life, it may be difficult for the parties to rebuild financially. Because retirement, and how it may be divided, can be a significant concern during a gray divorce, divorcing couples should be familiar with how that process works and how a qualified domestic relations order may be needed to split retirement assets.
Gray divorces can have unique concerns that may not impact every divorce and divorce process. For that reason, couples divorcing over the age of 50 should be familiar with how the divorce process can help them address their unique divorce-related concerns.