Ending a marriage is always challenging, regardless of age. For those who are over 50, divorce can be even more complicated. As we age, we accumulate assets and obligations that can make legal proceedings more challenging. Gray divorce, as it is called, is on the rise in the United States, with many couples over the age of 50 deciding to end their marriage every day.
What Makes Gray Divorce Different?
The first thing to understand about gray divorce is that it differs somewhat from a typical divorce. While many legal proceedings remain the same, some unique challenges must be navigated. Issues such as retirement accounts, spousal support, and healthcare costs come into play as couples age.
One of the most significant issues gray divorce deals with is spousal support. While spousal support is common in divorces, it is particularly important for couples who are 50 or older. It may be more difficult to re-enter the workforce at this age, and one spouse may have become financially dependent on the other. Spousal support can help ease the transition into life post-divorce.
Division of Retirement Assets
The division of retirement assets is another significant issue that gray divorce raises. Couples who have been married for a long time may have accumulated significant retirement savings, including 401(k)s, IRAs, and pensions. Dividing these assets can be complicated, and working with a financial advisor with experience in gray divorce cases is important. Properly dividing retirement accounts is essential to ensuring each spouse is financially secure in their retirement.
Division of Marital Property
Gray divorce can be particularly challenging when it comes to the division of complex assets. Couples may own real estate, businesses, or other valuable assets that must be divided equitably. Valuing these assets and ensuring they are divided fairly can be complicated. Some couples choose to work with a mediator or collaborative divorce attorney to ease the process.
Finally, gray divorce raises questions about healthcare costs. As we age, healthcare becomes increasingly essential, and the cost of healthcare can be astronomical. One spouse may be covered under the other’s insurance, but how will healthcare costs be divided post-divorce?
It is vital to consider healthcare costs as part of the divorce process to protect both parties.
Unwavering Commitment to Delivering Results
Gray divorce can be complicated, but it is possible to navigate these challenges with the right support and resources. Seeking support from a financial advisor, mediator, or collaborative divorce attorney can help ease the process and ensure that both parties come out of the divorce with a fair settlement. At Herbert & Weiss, LLP, we are committed to helping our clients through the gray divorce process and achieving favorable results.
Call us today at (201) 500-2151 to schedule a confidential consultation with a member of our team.