A popular term is making its way around the family law industry: Gray Divorce. This is also sometimes referred to as a ‘Silver Splitter’ or a ‘Diamond Divorce.’
At C.E. Borman, our team takes pride in our proven track record of navigating the complexities of gray divorces. We understand the sensitive nature of dissolving a marriage later in life and are equipped to handle the unique legal and financial considerations involved.
Whether it’s a division of retirement funds, real estate, or long-term spousal support, our experienced Texas divorce attorney Channa Borman can provide reliable legal guidance and support to ensure your interests are protected throughout the divorce process.
What is Gray Divorce?
Whichever term you prefer—Gray Divorce, Silver Splitter, or Diamond Divorce—a gray divorce happens when a couple over the age of 50 decides to divorce.
Divorce is complicated enough on its own, but ending a marriage later in life presents unique challenges. Many couples are not prepared for the specific legal issues that a gray divorce entails, which is why it can become particularly complicated.
Why Do Gray Divorces Happen?
There are no set reasons why a couple may decide to end their marriage, but according to Forbes, there are three main factors that lead spouses to call it quits later in life:
- Empty Nest Syndrome and Reevaluation of Life Goals: Many couples who married and had children early in life find themselves experiencing ’empty nest syndrome’ in their 50s. This life change prompts them to reevaluate their desires and goals for the second half of their lives. While some may seek a second career, travel more, or relocate, others realize their needs have drastically changed from when they were in their 20s and 30s.
- Desire for Change in Companionship: Additionally, couples also reconsider what they don’t want during the second half of their life, often realizing they no longer want to be with their current partner. While this may seem harsh, some may have stayed in an unhappy marriage for the sake of their children. With life expectancies now surpassing 85 years, individuals believe they still have time to change who they want to be with for the next 20 years.
- Financial Independence: Financial resources and trends have also evolved over time. Many households now have two incomes, allowing both partners to be financially independent if they choose to split.
Another reason for divorce is that it tends to repeat itself. Later in life, a couple may be on their second or third marriage, and they see that there is still life after a divorce (or two).
Some people change when they retire, and their spouses may not like the new person they become, whether they are too outgoing or too introverted. These reasons illustrate why couples may not want to put up with each other when they don’t have to.
The fact is, since the stigma of divorce has lessened, the number of gray divorces has risen. According to a survey, almost 40% of those getting divorced are 50 or older. Since the 1990s, gray divorce has doubled, according to the Pew Research Center. For those over 65, the divorce rate has tripled. Divorce at any age will lead to emotional and financial fallout, but it can be particularly devastating for older Americans.
Why Are Gray Divorce Sometimes Complicated?
Most divorces are complicated, but ending a marriage later in life has unique hurdles to overcome. In a long-term marriage, grown children and grandchildren have to be considered, along with more property and assets that have been acquired throughout the marriage, and a change of work status if one or both spouses are retired.
Other items that make a gray divorce complicated include:
- Retirement accounts
- Social security
- Income and spousal support
- Taxes
- Division of all property and assets acquired through the years
- Health insurance—including healthcare, Medicare, health directives, and end-of-life directives
- Level of physical and mental competency
- Estate planning—which can include a Will, medical and financial power of attorney, and advance care directives
There is much to consider when going through a gray divorce. You may need a Texas divorce attorney, a financial consultant, and an experienced estate planning attorney.
Watch the video: Can Empty Nest Syndrome Lead to Divorce?
[https://www.youtube.com/watch?v=Pgr5uDbTCM0]How Working with a Knowledgeable Texas Family Law Attorney Can Help
For those enduring a gray divorce, be sure to speak with an experienced family law attorney who practices in gray divorce and can create a strong foundation for your separation.
Qualified Domestic Relations Order (QDRO)
Your Texas family law attorney understands how to handle your unique situation best. One plan they may recommend is a Qualified Domestic Relations Order (QDRO). This court order process can allow specific retirement plans to be divided, which may be necessary depending on the type of retirement plans you both have.
Post-nuptial Agreement
You may have heard of a prenup, but a post-nuptial agreement is a contract established by both spouses after the marriage. A post-nuptial agreement outlines the ownership of current assets.
This agreement will allow you to avoid litigation and move the divorce forward—saving you time and money. Perhaps writing a post-nuptial agreement will work if you and your spouse are still on reasonably good terms.
Contact CE Borman Today to Get The Assistance You Need for Gray Divorce
Once you have clear expectations of what you want your next chapter in life to include (and not include), a divorce attorney in Bryan, Texas, can get your divorce started and finalized. You may have complicated questions when it comes to your gray divorce, and our divorce attorneys at C.E. Borman & Associates will answer all your questions.
Contact us today at 979-200-4725 and let’s get started on taking care of your grey divorce.
