Rise of the Gray Divorce
While short-lived marriages are the stuff of tabloid articles and morbid curiosity, the public tends to think of twenty-year or thirty-year marriages as unshakeable. With advances in medicine and an overall increase in lifespans from our parents’ and grandparents’ generations, there has come about a new social phenomenon: the “gray” or “silver” divorce. Other names for the phenomenon are “silver splitter” and “diamond divorce.” In this case, “gray” refers to the color of the ex-spouses’ hair. With people living longer than ever before and an overall change in society’s views on the permanence of marriage, it has become more common for couples in their fifties, or even their sixties, to seek an end to their marriage.
Particular Financial Issues
Couples divorcing after many years of marriage have unique needs and circumstances. With child-bearing years well behind them, it is unlikely for custody disputes to be part of a gray divorce unless the couple has been acting as a guardian to minor grandchildren. On the other hand, with retirement fast approaching and the possibility of more substantial assets gathered over decades of combined salaries, investments, and inheritance, older couples need legal representation that can address complex asset division.
Financial issues unique to older divorcing couples include, but are not limited to:
- Income from social security based on only one party’s paycheck
- Income from pensions and other retirement accounts
- Supporting adult children or paying for their college education
Life insurance policies
These relatively unusual sources of income can make alimony calculations complicated. Additionally, longstanding marriages receive special consideration when it comes to scheduling alimony.
Older Couples Need Skilled Legal Representation For Divorce
If you are ending a decades-long marriage, you need an attorney who is attuned to the particulars of asset valuation and division, the specifics of calculating alimony when income derives in part or whole from social-safety-net programs, and the individual needs of a divorcing client.
If you are in a long-term marriage and considering divorce, please call our office today to discuss your particular situation and learn your options.