An Increasing Trend
One demographic has recently seen an uptick in the number of divorces occurring. While one may think that younger couples are getting divorced more, it's actually the opposite; more long-term marriages are ending. Continue reading to learn what a “gray divorce” is and what factors are especially important to consider when seeking to terminate a marriage as you age.
Gray Divorce Defined
A gray divorce is defined as a divorce that occurs after individuals reach the age of fifty. The term "gray divorce" has only been around since the early 2000s, but the concept has certainly been around for much longer.
Issues that Contribute to Gray Divorce
There are many issues that can contribute to a gray divorce, many of which are similar to divorce in other age brackets. One of the most common considerations is simply that people are living longer and healthier lives now than in previous generations. This may mean that people are more likely to outlive their marriages and less likely to tolerate an unhappy one.
Another issue that may lead to a gray divorce is empty nest syndrome. When the last child leaves home, many couples find that they have nothing left in common. This can be a difficult time for many couples and can lead to divorce.
Furthermore, another issue that may contribute to gray divorce is finances. Many couples find that they are not on the same page when it comes to money, which may lead to arguments and resentment. In a gray divorce, individuals need to understand and consider how to financially support themselves going forward, to sustain a similar lifestyle as they previously maintained.
Gray divorces require specialized considerations and generally require a knowledgeable attorney who understands the nuances of retirement assets and pensions, as well as other government benefits. Since retirement is on the horizon for many individuals pursuing a gray divorce, it’s paramount that the parties have an understanding of what assets they are entitled to, so that they may financially prepare for the future.
Following any divorce, it may be advisable to meet with an estate planning attorney to prepare documentation designating how your assets will be preserved, managed, and distributed after death, as well as to designate a power of attorney. This is especially true after the finalization of a gray divorce, when individuals may not only desire to modify existing documents to reflect their assets, but also to modify the trusted individuals whom they have named as a beneficiary or a power of attorney.
Consult With an Attorney
If you are considering a gray divorce, it is important to speak to an experienced attorney who can help you understand your rights and options. Gray divorces can be complex, and it is important to have someone on your side who can help explain the process in detail. At Laubacher & Co., we can help you work through challenging divorce issues regardless of your age. We are here to fight for you and to guide you through the process.
If you have recently finalized a divorce and are interested in engaging the services of a knowledgeable attorney to prepare an estate plan, our team is prepared to assist you. At Laubacher & Co. we understand that establishing an estate plan which offers you and your family a great deal of protection may seem overwhelming at first. Our qualified firm has the skills to walk you step by step through this process to meet all your needs.
Learn more about divorce in Ohio or schedule a consultation with a member of our team by calling us at (440) 336-8687 or by visiting our website.