The Rising Trend of Gray Divorce
Over the past two decades, as the divorce rate among couples ages 25-39 decreased, the divorce rate among adults age 50+ increased by 109 percent, according to Pew Research. This phenomenon is known as “gray divorce,” the process of divorcing later in life.
Researchers have given several potential explanations for why this trend is occurring, citing stress due to children moving out, couples growing apart, financial independence, and healthcare availability. Regardless of the exact reasons why a split is occurring, it’s important to consider how it will affect your future. Factors include:
- Your assets. Younger couples tend to divorce with plenty of earnings or potential earnings in store. For older couples, however, the asset pool is shrinking (although they have accumulated more assets in total over time). Just how you’ll divide these assets is a critical factor to take into account.
- Living costs. The older you get, it’s important to consider how healthcare factors into your plans. In addition to medical costs, there’s mortgage payments, operational costs for your home, personal expenses, insurances, and more. Can you and your spouse afford to live separately?
- Retirement. Paying for these expenses and planning for the future of your finances might mean that you have to push back retirement plans.
Clearly, there is a lot to consider when divorcing, especially when the marriage has lasted for so long. However, complicated as it may seem, gray divorce can be the ideal situation for many couples. If you feel like your marriage just isn’t working out, separating may set you on the path to a more rewarding and fulfilling future. If you plan on divorcing, it’s a good idea to consult experienced divorce attorneys like Shah & Kishore to help navigate the intricacies of this kind of separation.