Gray divorce is not an official term that courts use, but simply an unofficial way to describe a later-in-life divorce. For instance, it is often applied to Baby Boomers who are getting divorced. These are not younger couples in their 30s, but older couples in their 50s, 60s or 70s who may have been married for decades.
The reason that this term has gained popularity is simply that gray divorce is growing more common. Most younger Americans, such as those under 45, have experienced a declining divorce rate over the years. However, Baby Boomers and other older Americans have seen their divorce rate increase.
How does age change a divorce?
There are two major ways that age can affect a divorce case. The first is that many older couples no longer have minor children. They do not have to work out a physical child custody schedule or debate legal custody rights to make decisions for their children. Therefore, one major reason for conflict in many divorces is eliminated.
In other ways, however, things can get more complicated. Older couples have to worry about protecting their retirement savings as well as other financial assets. They may have more complicated assets to consider, including investments, real estate, businesses and much more. From a financial perspective, divorce is often more complex than it would be for younger couples who simply do not have as many assets to divide.
Navigating a gray divorce can be difficult, and it is important for couples who are going through this process to understand what legal steps they need to take. Having experienced legal guidance can help.
