According to Business Insider, gray divorces are those taking place between couples aged 50 or older. These divorces are often a lot more challenging, as you and your spouse are likely to have more assets than younger couples. Emotional issues are also tougher to navigate when you have been together for so long.
An increasing number of older couples are getting divorced these days, even though the general divorce rates have decreased over the years. If you are in this category, it is important to understand what to expect, so you can make the right decisions.
Dividing retirement benefits
Qualified domestic relations orders are often used when dividing up retirement benefits between two spouses. These orders put plans in place to disperse benefits to you after divorce since there are penalties for withdrawing funds before a certain age. They also prevent your spouse from withholding funds or draining the account in an effort to deprive you of what is rightfully yours.
Decisions regarding alimony
If your spouse was the primary breadwinner in your marriage, and you served a stay-at-home role, securing new employment after the marriage ends is a lot more difficult. As a result, you must seek alimony to ensure you can maintain your lifestyle and cover basic living expenses. Due to the extended nature of gray marriages, alimony requests are often common.
A greater number of older adults are going through divorces because the stigma is no longer relevant. It is also true that an extended lifespan means that a person is more invested in moving on when unhappy. In both cases, you might find yourself happier after the dust settles, and you have moved on with your life.