For couples over 50, gray divorce is generally about how to divide property, assets, retirement benefits and investments for long-term care. Your children are usually grown up and living on their own, which means child support and custody are no longer relevant factors. In effect, that leaves maintenance and property division as terms to settle for divorce.
According to the Chicago Tribune, between 1990 and 2013, the number of gray divorces doubled. Finances are definitely the major concern with 30 percent of divorced single women and 14 percent of divorced single men living at or below the poverty line. Keeping the same salary or paycheck is often a matter of concern after age 50.
Couples generally aren’t interested in contested divorces and prefer to work out their differences through negotiated or collaborative settlements. After years of marriage, family ties are strong and they often will both be involved with children and grandchildren after divorce. An amicable divorce is in their best interests.
Another factor to consider with gray divorce is estate planning. What kind of estate planning do you have in place? Will you need to change your will, trust or living will, healthcare proxy, etc.? A large part of your divorce may involve addressing how to deal with division of retirement plans. Whether you divide the entire retirement account 50/50 or just the amount that went into the account during marriage is something you have to consider.
Our attorneys at C.E. Borman & Associates can handle all aspects of your divorce. We also handle wills and probate, which is convenient for necessary changes in estate planning resulting from divorce.