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Gray divorce and its financial implications

The younger generation may not be aware that there was a time when there was a social stigma attached to divorce-not long ago, couples remained in marriages even during the worst of times because it was not considered acceptable in society to separate from one's spouse. That time has luckily passed and so has the perceived social stigma of terminating a marriage. For this reason, not only are younger couples more likely to end their marriage if things are not working out, but older couples are also calling it quits later in life.

The number of divorces has increased over the last 22 years, according to some studies. The number of divorces has doubled in people aged 55-64 and tripled for those over the age of 65. According to some experts, this is because of the changing social perception of divorce and there is less stress about the emotional impact of a divorce on older children.

Whatever the reason, there are certain legal complexities in divorcing later in life. Since couples have been married for a long time, there are more chances their property is intricately woven together and separating them is a long process. In addition to this, couples have savings in different retirement accounts and it is important to read the fine print to understand how they would be separated in a divorce. Also, a spouse may qualify for the other spouse's Social Security benefits if the marriage has lasted for more than 10 years, if they match certain criteria. A Qualified Domestic Relations Order might help couples avoid tax penalties when they split retirement plans.

Regardless of the age of the couple ending their marriage, there are still certain legalities that must be completed to ensure that each couple gets their due. Since it is more difficult to recoup one's finances after a Gray Divorce, it is essential to ensure the property division that accompanies the divorce is enough for couples to get on in their later life.

 

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