What to consider during a gray divorce

A recently growing trend is that of gray divorce, or divorce between older couples who have been together for an extended period of time. Sometimes referred to as “silver splitters” or “diamond splitters,” couples who are 50 years old or older are getting divorced more frequently even though the divorce rate in the United States has decreased over the last two decades. Potential divorcees in New Jersey should be aware of both the causes and the effects of divorce among older couples.

Financial issues

As is the case in divorces across all age demographics, financial issues are a major contributing factor to the dissolution of marriage. It is not uncommon for couples who find themselves dealing with large amounts of debt or who constantly fight about finances to ultimately decide to terminate the marriage. One partner overspending or mismanaging the finances for both partners has also been proven to be a leading cause of divorce.

Growing apart

It is also possible for couples who fall under the gray divorce category to realize that they have lost the spark that they had when they first married so many years earlier. When a couple says, “We just grew apart,” they may mean that both parties don’t feel as invested in the relationship as they did decades ago. Since divorce has become more normalized in society, the involved parties realize that they can move on and enjoy their lives without fear of being ostracized.

Implications

Typically, a person who ends their marriage after age 50 won’t have to deal with a child custody battle. While adult children may still be impacted, they are more equipped with how to handle the split of their parents. The major implication in a gray divorce is the process of splitting up assets, including retirement funds.

A family law attorney who is familiar with divorce law in their state may guide their elderly client through a gray divorce. The attorney may review their client’s assets and help them be in a position to prosper financially going forward.