2/16/2024
There's a term on the rise: "gray divorce." What it means is couples divorcing over the age of 50, often after decades of marriage. While any divorce is fraught, ending a long-term marriage later in life comes with a unique set of challenges that both clients and attorneys need to prepare for.
Untangling Retirement: Couples close to retirement have often intertwined their finances significantly. Untangling pensions, 401Ks, and other assets can be more complex with longer timelines involved.
Dividing the House: The family home may hold considerable equity, but neither spouse may want to keep it. Selling could come with significant tax implications, downsizing can be disruptive, and emotional attachment runs high.
Spousal Support Issues: In long-term marriages, one spouse may have sacrificed career advancement to raise a family. This may become a significant factor when considering alimony or spousal support awards.
Emotional Realities: Empty nest syndrome or the loss of shared dreams for retirement can make even amicable gray divorces especially bittersweet. It's important to recognize not only the legal side but also the emotional one.
Divorcing later in life isn't impossible, but it does require strategic approaches. Experienced family law practitioners can help you navigate asset division fairly, consider potential support implications, and work towards a resolution that allows you to build a secure future in this new chapter.
This is not legal advice. Please consult an attorney for your specific situation.