A “gray divorce” is a term used when referring to a couple that gets divorced later in life, typically when they are over the age of 50. Perhaps they were waiting until their children were grown and out of the house, or an extramarital affair caused the split. Regardless of the reasons for the marriage ending, these older spouses will have to make some important decisions regarding their divorce settlement in order to move forward into the next chapter of their lives. One of the major issues with a “gray divorce” is that there can be more assets, and larger assets, to divide, which can cause conflict between spouses. Certain high-value assets can be more problematic when trying to determine which of these assets are marital property and subject to division. Also, often there is the emotional aspect of becoming single again after perhaps decades of marriage to deal with.
Important Issues to Consider
Every marriage is different, and therefore every divorce is likely to have its own unique issues. Even if spouses are amicable and mutually agree to legally end their marriage, they may find the legal process quite challenging. In many “gray divorce” cases, it can be difficult for one party to think about starting over, moving into a new house, and/or finding employment after years of raising children and not working outside of the home. Here are some of the main elements that typically need to be addressed in a “gray divorce”:
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