Gray divorce is a term often used to refer to people who end their marriages when they are 50 years old or older. The rate in the 1990s was about 10%, but it has risen over the years to about 25%. That’s a very quick rise and shows that gray divorce is something people must be aware of.
One thing to consider is that it can, in some ways, be harder than divorce at a younger age.
For one thing, people who are in their 50s and 60s are typically planning for retirement. Is the financial strain of divorce going to make it harder to retire on time? Do they have to figure out how to split up retirement assets that younger people don’t even have yet?
Another issue is that older couples may simply have more assets. A couple in a rental apartment at age 25 may not own much, and dividing what little they do have could be relatively easy in divorce. For couples who have had decades to accumulate assets, there’s a lot more to think about: Homes, stocks, vacation properties, cars, business assets, life insurance policies and more.
While you may think that not having young kids makes the divorce easier — and it certainly does take child custody out of the equation — experts do note that this can still be difficult for adult children. If the parents remarry, they may also have questions about their inheritance options.
As you can see, a gray divorce gets complicated. If you split up with your spouse, take the time to consider all of your legal options carefully.