When most people think about divorce, they imagine a young couple splitting up after a few years of marriage. However, what happens when couples have been married for decades and then decide to call it quits?
This is the reality for many couples who go through a gray divorce. While challenges come with any divorce, those faced by those in gray divorces can be unique.
Why are we seeing a rise in gray divorces?
A gray divorce is a term used for couples over 50 who divorce. Gray divorces have been rising recently, with the divorce rate among people over 50 doubling since the 1990s. While the reasons for gray divorce are varied, a few common factors contribute to these types of splits.
One reason is that people live longer and healthier lives than they did in previous generations. As a result, people are more likely to grow apart as they age and have different interests and goals. They are also less likely to stay in an unhappy marriage.
Additionally, empty nest syndrome can play a role in gray divorce, as couples may find themselves with more time on their hands once their children leave home.
Why is this so complicated?
Divorcing later in life often involves dividing up assets accumulated over decades of marriage. This can be complex and time-consuming, especially if the couple has owned businesses or property together.
Dividing up retirement savings and other assets is another significant hurdle. For those nearing retirement, there may not be enough time to make up for lost ground, and they may have to work longer.
If you are considering divorce or in the process of one, you may be unsure of your options. Working with a legal representative will help protect your assets and secure the best possible outcome for your new beginning.