“Gray Divorce”: Issues Facing Couples Who Split Later in Life

While the divorce rate among younger age groups has been dropping in the past decade or so, people who are age 50 or older are twice more likely to end their marriages now than they did in years past. Divorces that occur later in life, or “gray” divorce as it is now being called, is growing in popularity according to a study conducted by the National Center for Family and Marriage Research at Bowling Green State University in Ohio. It seems as if the Baby Boomers who went through their first divorces in the 1970s are now ending their second marriages in droves.

Changes in cultural norms and the shift in people’s views about marriage are attributed to some of the causes for the uptick in gray divorces. Additionally, any social stigma that had been attached to divorce seems to be fading quickly. Baby boomers, at this age have already been divorced before, so they understand the process of getting on with their new lives once a marriage has come to an end. Another major factor in the rising number of divorces for older Americans is that we are living much longer. If a woman is in her 50s, she can look forward to at least 30 more years of life in most cases. If she finds herself in an unsatisfying marriage, she feels far more empowered to take her life and her future into her own hands even if it means that she might be on shakier financial ground. While women tend to earn less than men, they also live longer. Many women now feel secure enough to start over on their own. Among these later in life divorces, women initiate 60 percent of the divorces according to AARP.

Financial issues for gray divorces

Divorce later in life can have devastating financial consequences unless both parties are independently financially secure. When one of the spouses was dependent on the other financially, they may have to get back out into the work force to keep themselves afloat. There are many significant issues related to gray divorce including Social Security benefits, retirement funds, health insurance and life insurance policies. The Social Security Administration has a web page dedicated to answering questions about benefits for your surviving divorced spouse.

A skilled, Franklin divorce attorney can advise you on all of the financial and tax ramifications of divorce regardless of your age. You will likely have many questions and you might need some advice and guidance in planning for divorce and making arrangements for the next chapter in your life. If you are over age 60 and thinking about divorce, an experienced Franklin divorce attorney at the Law Offices of Adrian H. Altshuler & Associates is here to help. We proudly serve clients throughout Tennessee from our additional offices in Brentwood and Columbia.