Gray divorces are becoming more frequent today than ever before. A gray divorce is a term for two older people who decide to divorce later in life. Divorcing later in life is usually because a couple stays together for their children. They wait until their children grow up and then decide to separate.
Gray divorces are happening at a higher rate than ever before. Like any other divorce, a gray one comes with its own problems.
There are more marital assets to divide since the couple is together longer. The assets they acquire before marrying are usually long gone or combined. There is also the division of retirement benefits to consider.
Complex estate planning and beneficiaries
Estate planning at its simplest is difficult, but estate planning while going through a gray divorce is another matter. Not only does the couple have more to divide, but they also have different ideas of what heirs will get.
Lifelong support is a factor in gray divorce. Age is a factor in getting another job or position. It may be impossible for a homemaker to have the financial ability to support themselves after decades of support from their partner. Often courts award lifelong support in these cases.
Loss of medical benefits and increases in health care costs
One spouse might lose their medical benefits. The couple also has an increase in health care needs. The courts will need to address this as well.
These are not the only issues with a gray divorce. The emotional, financial, and psychological ramifications will increase as it becomes more frequent.