Although gray divorce is a fairly new term to society, these divorces are not a new thing for the legal system. More retirees and older adults are seeking divorce compared to a decade or so ago. Longer lifespans and a stronger desire for happiness may drive some of that trend.
When a marriage of decades comes to an end, the process brings unique considerations compared to the same divorce in younger years.
Retirement funds become a focus
Gray divorce creates concerns for retirement funds because couples likely built those funds together throughout their entire adult lives. The division of retirement funds can dramatically affect each partner’s individual financial plans, which means you may need to consider additional investments. Your settlement should ensure fair and equitable division of those retirement accounts.
Grandparents’ rights create new challenges
For a couple divorcing later in life, the shockwaves that can send through the family may leave you concerned about your relationship with your grandchildren. Not only should you reach out to your children in an effort to preserve that relationship, but you should talk with your family law attorney about preserving your grandparents’ rights while you also settle your divorce.
The marital home holds more than financial value
Particularly for couples who raised children in the home they still live in, the idea of selling the house and splitting the profits might seem harsh. Consider keeping the home to pass to your children instead. Place it in a trust separate from your divorce settlement.
Gray divorce brings new challenges but the right plan ahead of time protects your interests.