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What considerations are involved in a gray divorce?

On Behalf of | Oct 29, 2019 | Firm News |

Many Florida residents have been married to the same partner for a very long time. However, for those who are in their senior years, this does not always necessarily mean “til death do us part.” In fact, the expression “gray divorce” defines an older couple divorcing after a lengthy marriage. What special considerations are involved during a gray divorce?

According to Forbes, while in general the American divorce rate has been declining, it has been increasing for those over the age of 50. Gray divorces often encompass different problems than those facing younger divorcing couples. When a marriage ends earlier, many of the primary issues revolve around children, such as custody matters. Plus, younger couples may not be as financially established.

However, in gray divorces usually children are grown and therefore one of the biggest complications has to do with the division of finances. By their senior years, many people have acquired significant assets in addition to their primary residence. These might include substantial financial investments, one or more second homes, real estate investments, and high-end artwork or jewelry. Also, there can be tax implications with respect to retirement accounts.

Finally, the division of labor in a marriage has often been long established. Splitting up means taking on new roles that may be completely unfamiliar. For example, one spouse may have handled all the financial matters for the couple throughout the duration of the marriage, while another may have handled the household chores. Both of these may require somewhat of a reinvention of responsibilities to adjust.

This information is provided for educational purposes only, and should not be interpreted as legal advice.