Divorces with older couples, known as “gray divorces,” are becoming more common in recent years as people look to improve their lives in the later stages of their lives. While it’s true that in many ways this can significantly improve the overall happiness of those who complete the process, these divorces are far more complex and difficult than a divorce with a younger couple.
There are a number of reasons for this, but the biggest of which is that older couples usually carry a much greater number of assets to their names. When this is combined with usually longer-duration marriages, the division of assets becomes more convoluted as ownership and fair division becomes more difficult to determine.
Here are some other factors that need to be considered in a gray divorce:
- Retirement accounts: Savings for retirement is usually at pretty substantial levels by the time most couples seek gray divorces. Likewise, with both spouses contributing to the savings, it’s likely that both can make a valid claim to part of it, making the division difficult.
- Alimony or spousal maintenance: Longer marriages combined with advanced age usually mean one spouse will have trouble supporting themselves after the divorce finalizes. When you consider the size of the savings accounts also included in a divorce, it’s not uncommon for large alimony or spousal maintenance awards to be given, sometimes even permanent awards.
- Estate plans: A divorce will usually significantly change your final wishes, meaning you will likely need to heavily amend or even completely re-draft your estate plan, including your will and any trusts you have created.
- Healthcare: If your spouse was the one providing you with healthcare insurance, a divorce may cause that to change. People of advanced age usually need to see medical professionals a lot more frequently, so this is something that needs to be carefully investigated before finalizing a divorce.
- Social security: a divorce may mean any social security benefits you are receiving or eligible to receive will change significantly. Be sure to consult with an attorney to discover the extent to which this chance can occur and how it impacts your case.
When you and your spouse are considering a gray divorce, call a skilled St. Louis divorce attorney from the Kallen Law Firm for help. Our team has helped numerous clients navigate the complicated marital dissolution process with compassionate and understanding counsel that keeps the best interests of clients at the forefront. Our goal is to use the laws to put you in a better place in life, and we fight diligently on your behalf to leave you feeling better with your new live situation.Call the Kallen Law Firm today at 314.441.7793 and request a free consultation!