28 Nov Gray Divorce Trends
It was once thought that marrying young can lead to divorce, but recently gray divorce has put that idea to rest. While they might not be as talked about, divorces after long marriages aren’t rare. While they are gaining more notice and attention, they are nothing new. But, you may be surprised at how they can affect your life.
What is a Gray Divorce?
This is the terminology for a divorce that takes place after a lengthy period of marriage. One in four divorces is a gray divorce. And while it was true that almost three percent of those over fifty were divorced, recent statistics have placed that number at fifteen percent. While there are plenty of factors that come into play, the two leading tend to be both parties growing apart or that they stayed together for the children. Once their children are older, parents tend to think gray divorce is less damaging to the children. This may be true. However, there is some theory that it is damaging regardless. It may even cause a stressful environment for everyone involved. You can read more about them here.
The Cost of a Gray Divorce
Divorce is costly, no matter your age. And it is never an easy process, regardless of how long you have been married. But, dissolving a union when you are older and wed for a long time is something that can cause a lot of problems. Not only is it going to cost you, but it might also end up costing you your retirement. In many cases, the costs will run into retirement plans pull costs from those funds. It will also cause stress, which can end up being a health risk for those who are older. Sure, we all have to endure stress. However, going through the stresses of daily life, plus those of a divorce; that can take a toll on health when you are older. While it is unavoidable, it is true just the same.
Economics of Gray Divorce
While a divorce might be the best thing for both parties, there are some real economic struggles that will come along with it. Getting a divorce when you are younger gives you more time to recover from the economic strain. You will be able to work more, harder and regain your footing financially. Because you have plenty of time before retirement, this isn’t usually a problem that will affect you when you are older. But, if you are already older and getting a divorce, you will have more to catch up on when the divorce is final. Now, you have to try to make more money before you retire. This means being able to pay your bills and add back into your retirement if you had to tap into those funds for the divorce. Also, there may be the stipulation that your significant other is entitled to parts of your retirement, depending on the details of your 401k or military retirement plans. While you are gaining literal and financial freedom, you are essentially paying for it.
Who Gets What Gray Divorce
During a gray divorce, the matter of who keeps what can get pretty complicated. This is because it can be hard to remember or prove who had what before the marriage, what was a gift by a third party and what was acquired by both sides as a couple. This tends to be where problems can arise during a mediation and thus could land you in court. If there is room for negotiation and both parties can find an agreement, this is not necessary. After all, who really wants to go to court over a vase? But, if it is a matter of importance to both parties that is different. If it is an antique Tiffany’s vase that was a wedding gift, you might need to see a judge. This is because it is something of immense value that neither party wants to let go of. So, be sure to pick your battles wisely. You might be able to keep your vintage car, but you may have to give up the house.
As painful as a gray divorce might be, it is manageable. It is best to have someone with experience in this focus of the law to represent you. They will be able to tell you how things will go and what tactics will work best. They also will be able to give you the best possible advice when you are deciding who gets what in the divorce. Experience and knowledge of the law are fundamentals in cases like these. And you want to make sure you have someone with an abundance of both. That will ensure you achieve the win you need and the closure you deserve. You can start your search here.