You can find different divorce trends in the United States, and one that has been seen in recent years is the rise of gray divorce. Loosely defined, this means couples who are generally in their 50s or 60s. The divorce rate has been going up for couples who are over 45, for example, and it has tripled for those who are over 65.
For those in this age group, it is important to consider how divorce at this age can be a bit different than it would be for younger couples. Below are three examples.
Lack of child custody issues
First of all, it is more likely that older couples will not have to deal with child custody issues. Someone who is getting divorced in their 50s may be a parent, but their child could be in their late teens or 20s, so they may already have moved out of the house and gone to college. This can somewhat simplify the divorce process.
Retirement issues
One way in which things get more complicated, though, is when it comes to retirement. People are very worried about losing assets that they have set aside to retire. They may need to use a Qualified Domestic Relations Order (QDRO) to divide certain retirement benefits.
Greater asset levels
Similarly, couples often have more assets at this time in their life. They are more likely to own homes or businesses, and they are also more likely to have significant savings or investments. Splitting up assets and money can get more complex than it is for younger couples.
If you are heading toward a gray divorce this year, be sure you know exactly what legal steps to take and what options you have.