What you should know about gray divorce

Posted by Lauren S. CohenApr 04, 20220 Comments

Gray divorce is a term people use to describe divorces that happen between people who are age 55 and older. The most recent U.S. Census indicates that the 43% divorce rate in this age group is the highest of any age group tracked.

These are a few things you should know about gray divorce.

Sometimes divorce is easier for older couples

While splitting up after decades of marriage sounds traumatic, for some older couples the process is easier. There are several reasons for this. First, many older couples have children who are adults, so there are no struggles over custody. Second, older couples often have more established finances. Finally, many older couples deal with less judgment from family members.

Gray divorce brings unique challenges

While gray divorce can be easier in some ways, it also comes with unique challenges. Chief among these are handling finances and dividing marital assets. This can be particularly tricky if one spouse handled most of the financial matters during the marriage.

It is best to think it over

One thing that is the same for gray divorce as other divorces is that it is a good idea to think things through before you take action. Consider what the best and worst possible outcomes are. Ask what you stand to gain and to lose if you divorce. Think about whether you will be able to support yourself financially and whether you are willing to support your spouse if needed.

Gray divorce is becoming more common for a variety of reasons. The more you know about the process, the better equipped you are to make decisions about your marriage.