As previously discussed, grey divorces are a rising trend in the divorce world. The term “grey divorce” refers to baby boomers that are at least 50 years old and are in the midst of getting divorced. An example of well-known couples who would fall into the category are Vladimir and Lyudmila Putin, Kenny G., and Mel Gibson and Robin Moore (to name a few).
While the divorce rate is generally remaining steady, the rate of those in their golden years who are filing for divorce is on the rise. Some studies attribute this to the fact that couples, who are now empty nesters, realize that they no longer have to stay together for the sake of their children. After 20 or 30+ years of marriage, some couples realize that their relationship has run its course and that they are no longer in love. Additionally, as the stigma of divorce disappears, so do the fears of being ostracized by your family when deciding to separate from your spouse.
Child support or custody issues associated with grey divorces are rare; however, older couples tend to have more marital assets. These assets can include property, jewelry, or bank, investment and retirement accounts. No matter what individual financial portfolios look like, baby boomers need to take into consideration that the financial aspect of the divorce settlement must allow them to maintain a nest egg for retirement. If one person was dependent on their spouse throughout their marriage and doesn’t have funds of their own, then they will most likely seek to have a form of spousal support paid to them either as a lump sum or in individual monthly payments. Additionally, one spouse may request to have sole ownership of certain assets, such as the marital residence, a vacation home, or financial accounts such as IRAs or 401(k) plans. During your divorce, Brian D. Perskin and Associates recommends that you visit Forbes.com for a grey divorce financial checklist.
Whether it is contested or uncontested, divorce can take a toll on you emotionally and physically. Those involved in grey divorces often face additional challenges. While some sadness is acceptable (and expected), one shouldn’t mourn the loss of their long marriage and instead use the divorce experience as a reason to grow or redefine themselves. For the first time in many years, you are no longer an extension of your spouse, rather, your own individual being. Due in part to the decades in which they were raised, baby boomers retain a certain sense of independence and a thirst for life. Use these traits to move past divorce by embracing new hobbies, traveling, or even dating.
An estimated 15.4% of Americans 50 years old or older were divorced in 2011, and the number is on the rise. If you are over 50 and considering a divorce or legal separation, it is best to hire an experienced and well-rounded matrimonial attorney. Contact Brian D. Perskin & Associates to schedule your complimentary consultation today!