A gray divorce simply means that a relatively older couple is involved. There are different definitions for this, but many would say that anyone getting divorced over the age of 50 is experiencing a gray divorce. This clearly sets them apart from younger couples who are getting divorced in their 20s or 30s.
In some senses, a gray divorce can become very complicated. Older couples tend to have more assets, and some of these could be more complex. A younger couple might just need to split up a bank account, for instance, while an older couple has to decide how to divide retirement benefits and split up investments. The financial side of the divorce becomes more complicated, even if these individuals are old enough that they don’t have children living at home and don’t need to worry about child custody orders.
This divorce rate is rising
One interesting thing to note is that the divorce rate for those who are over 45 years old has been going up, while the opposite has happened for couples under 45. On top of that, the divorce rate for those who are 65 years old and older has tripled in roughly the last three decades.
Either way you divide the stats, it’s clear that the gray divorce rate is rising. Divorce is more likely for this age group than it has ever been before, and that can create a lot of financial complications as they divide their assets.
If you and your spouse are moving toward a divorce, take the time to carefully look into all of the legal options at your disposal. You must know what rights you have and what legal steps to take at this crucial time.
