A grey divorce refers to couples divorcing at a later age, typically over 50. Because of the age of the divorcing couple, it often also means that the marriage has been a lengthy one- regularly 25 years or more and the phrase grey divorce most commonly refers to a first marriage. Statistics have been showing that the divorce rate of couples over 50 has doubled since 1990.
Not surprisingly, grey divorces have an array of issues that differentiate them from divorces of younger couples. Typically, any children of the marriage are young adults or older. Many times, there are grandchildren, who are confused and affected by the decision of their grandparents to divorce.
It is often confusing for family members to understand the dissolution of such a long-term marriage. After 25 or more years shouldn’t you have this marriage thing down pat? Research has shown that these older adults who no longer have the responsibility of children, or possibly even jobs are looking for flexibility and autonomy that they may feel they have lost in the intervening years of marriage. Many find that that once their roles change from parents and providers they begin drifting apart.
One of the main topics in pursuing a grey divorce is the structure of financial issues. Does one or both parties want to retire? What happens when the retirement funds and Social Security are the only source of income and are suddenly to be divided in two. Many couples have invested time and finances into both retirement and estate planning that will have to be completely revised.
If you are a loved one fit into this category of grey divorces, we at Edens Law Group can help you navigate a fair resolution. Call one of our attorneys at 908 879-9499.