In the last 30 years, the divorce rate for most Americans has fallen. For those who are 50 years of age and over, though, it has more than doubled.
The common term for divorce in your 50s and onward is gray divorce, though there are also those who call it silver divorce. Either way, it refers to those who get divorced later in life. In some cases, these are couples who have been together for decades. In other cases, they are second and third marriages.
Financial concerns are often front and center
If you get divorced in your 30s or 40s, odds are you have children who play a focal point in the divorce proceedings. Couples have to divide up custody time, decide how to make important decisions, and work to co-parent even after divorce.
For those in the older age bracket, though, the children are often grown and have moved out of the house. This means that they focus more on financial concerns. They may divide retirement assets with a Qualified Domestic Relations Order, for instance, or sell a million-dollar home to split the value. They may need to know what to do with their investments or try to determine if a spouse has a right to business assets for a company that grew substantially during the marriage.
Are you prepared for this process?
If you’re getting divorced, you can imagine how complicated this process may become. Are you ready? Do you know what options you have? The more time you spend learning, the more you can do to protect your rights during your divorce case.