The phenomenon of the "gray divorce" is once again on the rise in America. Connecticut residents might be familiar with this term as it refers to individuals who divorce after the age of 60. These individuals are faced with more complex divorce issues than one might initially expect, largely because of the time in life they are choosing to end their partnerships.
The statistics surrounding gray divorce are startling -- a whopping one in 10 people who divorce do so after the age of 60. Even more surprising is the fact that for many of these people, it is still their first marriage -- many gray divorcees have been married for 20 years or more. This poses an interesting set of problems for those who choose to go this route.
For example, in a 20-year marriage, many marital assets can be accrued. This means more complicated asset division during the divorce. Additionally, some of those assets may well be retirement-related (for example, 401ks), and with those assets being split in half, retirement plans may need to be changed considerably. Even just considering a single income after years of a dual income situation can have profound effects on individuals who choose to divorce late in life.
Obviously, quality of life is very important to senior citizens, and Connecticut residents would agree that staying in a failing marriage may not be the best retirement plan of all time. Thankfully, there is specialized support for individuals facing these unique divorce issues. Both parties in a gray divorce can benefit from seeking out this sort of support.
Source: The Washington Post, "Till Death Do Us Part? No way. Gray Divorce on the Rise", Brigid Schulte, Oct. 8, 2014