Divorce can happen at any stage of life. Older couples, even those who have been married for years, sometimes go through what many call gray divorce. When a couple with one or two partners aged 50 and up decides to move forward with divorce, there are unique financial factors to consider.
If you are facing a gray divorce, your future is at stake. With fewer years before retirement and potentially valuable assets up for division, you would be wise to be thoughtful and careful as you make choices that could affect your future. Emotions should never be the catalyst for your decisions, but rather, you would be wise to keep your focus on what is truly important – your long-term interests.
The rise of gray divorce
More older couples are choosing to move forward with divorce than ever before. Gray divorce has increased by more than 50% over the last few decades while the divorce rate for other demographics is lower. You may assume that most gray divorces happen in second or third marriages, but statistics indicate that is not necessarily the case. Over half of all gray divorces occur with couples who have been married for 20 years or longer.
There are many reasons why gray divorce is more prevalent now than in the past. People are living longer than ever, and people over the age of 50 want the chance for happiness in the decades to come. Additionally, there is less stigma regarding divorce than there was in the past.
In a gray divorce, it is more likely that there are valuable assets to divide, such as decades of shared retirement savings. You will have to consider how you want to negotiate your long-term savings and whether alimony is a possibility. It is also prudent to consider the tax implications of any choices you make. Finally, you will want to take into account how your financial settlement may affect what you want to leave your children in the future.
The future you want
You can fight for a strong future during your gray divorce with the help of an experienced Ohio family law attorney. If you are unsure of where you should start or how you can negotiate a fair settlement, you may want to start with a complete evaluation of your case and explanation of the specific legal options available to you.