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Gray Divorce Trends: What to Know About Divorcing Later in Life

In recent years, Americans have seen a surprising uptick in “gray divorces,” which refers to people who are 50 and older choosing to end their marriages. Whether they occur because of retirement issues, empty nest syndrome, or a realization of incompatibility, these divorces offer both benefits and challenges.

If you’re considering divorcing and you’re past your 50s, it can be helpful to understand what to expect from the process and what unique issues you may face. Here’s what you should know about gray divorces and what they can mean for you.

Most Common Reasons for Gray Divorces

There are a number of reasons why divorcing once you’re past 50 may be the right option. One of the main issues is finances. This can be a reason for divorce for people of all ages, but with those over 50, worries about retirement can come into play.

For example, you may have a different idea from your spouse on how you want to spend your retirement. That might not have been a huge problem when you were younger, but as you approach retirement, you may want to focus more on living your life as you prefer.

Another issue can be incompatibility, which is often enhanced by no longer having children in the house. Empty nest syndrome can hit doubly hard if you realize that you don’t have much in common with your spouse other than your children. You may quickly see that you’re not as compatible as you thought you were.

As in any age range, infidelity is also a common cause for gray divorces.

Considerations for Gray Divorces

If you’re planning on getting a divorce later in life, there are some specific issues you should consider.

Estate Plans

When you created your estate plan, you likely assumed you’d be spending the rest of your life with your spouse. If you’re contemplating divorce, you’ll have to address the changes you will need to make to these plans. This means rethinking wills, trusts, powers of attorney, life insurance beneficiaries, and other similar issues.

Retirement Funds

It’s possible that you and your spouse planned to retire using an IRA, 401(k), or other pension plan. If you’re divorcing, you’ll have to think about how to divide all of these funds fairly.

In some instances, a Qualified Domestic Relations Order may be needed to make certain that you both receive what you deserve without increasing your tax liability.

This is particularly vital if one of the spouses stayed home raising children, and the retirement comes from the “breadwinning” spouse. Any funds or pensions may only be in the breadwinning spouse’s name, creating a problem for the non-earning spouse.

Healthcare Coverage

If you and your spouse both work and have your own healthcare benefits, healthcare coverage is less of an issue. If one spouse doesn’t work because of illness, family decisions, or other reasons, however, a divorce later in life could mean not having access to necessary medical care.

Property Division

Connected with the healthcare coverage is property division. If you decide to divorce once you’re old enough to apply for Medicaid, the property you own can have a significant impact on whether you can receive medical assistance or not.

In some instances, determining whether to keep or to sell the shared home is one of the most vital things to consult an attorney about.

Social Security

Something else to keep in mind when contemplating a gray divorce is Social Security eligibility. Spouses can receive Social Security from their ex-spouse if they had a marriage that lasted more than 10 years, the ex-spouse is older than 62, and they’re unmarried. Make sure to ask your lawyer about your eligibility.

Why You Should Hire a Lawyer When Divorcing Later in Life

Divorce presents challenges at all times. For younger people, it could mean worrying about child custody and support, but for older adults, it can affect retirement planning and healthcare coverage. None of these issues are simple.

By hiring an attorney to represent you, you can receive the necessary guidance regarding your finances, property, and QDRO.. With a team behind you, you can effectively protect your rights.

At Blattner Family Law Group, we offer the trusted legal advice clients need as they manage family law issues. We can assist you through every step of the separation and divorce process, no matter how complex your finances are. Contact our team at Blattner Family Law Group to schedule a consultation today.