The occurrence of elderly couples divorcing is known as a “gray divorce.” With a gray divorce, there are particular concerns, such as splitting retirement savings, estate planning, social security, and retirement funding. Turco Legal, P.C. can help you get a smooth-sailing divorce.
Why Is Grey Divorce Such A Hot Topic?
The fact that gray divorce is occurring unimaginably is one reason it is still a hot topic. Although the divorce rate has decreased overall, it has risen among couples who are over 50. In their 50s, 60s, and 70s, many of these spouses are baby boomers who are either about to retire or have already done so.
A gray divorce might be freeing for older couples, but it can also be financially detrimental. Women that were not the primary breadwinners for their marriages frequently find themselves in a worse financial situation. According to research, grey divorce affects women in a more vulnerable economic position when they reach retirement. Gray divorce may be a very upsetting development in a person’s life. Anyone going through a gray divorce must consult with their lawyer frequently to emphasize their future stability and incorporate factors like retirement and estate planning.
Why Do People Still Hurry to Get Divorced As They Age?
An AARP research raised public notice of the tendency in 2004, which sparked the emergence of the gray divorce trend. Boomers began into their mid- to late-fifties and early-sixties in the 2000s. Married couples began to experience “empty nest syndrome” when their children reached college age or were teenagers. People had time to reflect on their level of happiness and fulfillment when the kids left the house. Married couples could have wondered whether they truly had much in common without the shared goal of children.
A divorce in your 50s, 60s, or 70s could still be appealing for the following reasons:
Property values are increasing; homes that couples purchased for a bargain 40 years ago may now be worth considerably more. Simply downsizing and selling your home might help pay for your divorce.
People generally live longer and believe that the danger of going alone is greater than the chance of entering another 20 years of marriage with an unsuitable companion.
What Problems Do People in Gray Divorce Typically Face?
Gray divorce is not a decision to be made hastily. If you are lucky, your divorce will go smoothly without any disputes over assets. Nevertheless, some individuals could divorce an abusive, domineering, or antagonistic spouse.