There are has been a recent spike in couples pursuing divorces later in life, leading to the coinage of the term “Gray Divorce” to describe this occurrence. Couples in their 50s, 60s, and even beyond are deciding to end their marriages in larger numbers than we have previously seen. While many people have tried to explain the cause of this trend, we think it may be valuable to focus instead on what the implications are for divorce proceedings.
What Makes Gray Divorce Different?
For the most part, gray divorce is no different than any other divorce. Older couples will still go through the same proceedings, and the law is indifferent to age. There are, however, a number of considerations that make gray divorce stand out, including:
- The health and employability of each spouse: If a spouse is in poor health or has been out of the workforce for a considerable amount of time, it will be difficult – if not impossible – for that person to provide for him or herself, which will affect spousal support.
- The retirement funds, pensions, and Social Security benefits accumulated: Older couples will have made significant contributions to these type of post-retirement plans and will depend on them once they reach retirement age. The division of these assets for older couples can be much more heated and complicated than for younger couples.
- The estate plans and trusts in place: If a couple has established an estate plan or trust, the divorce will impact these prior agreements.
If you are considering a gray divorce, you will need the guidance of an intelligent and aggressive attorney. The New York divorce lawyers at Brian D. Perskin & Associates, P.C. have over 40 years of experience dealing with countless divorce proceedings. We understand what it takes to end a marriage, even when complicated considerations make the division of assets less straightforward. Call 855.965.1771 today for a free case evaluation.