What is gray divorce?
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What is gray divorce?

On Behalf of | Jul 28, 2020 | Firm News |

Gray divorce may sound like some type of weird divorce situation, but it is merely referring to the divorce of an older couple. According to Forbes, it is a term that comes from the hair color of older individuals.

Gray divorce has many variances from a typical divorce because of the age of the couple and the likelihood that the marriage has been decades long. One specific difference is that in this situation, the focus will shift from custody issues to property division.

Financial concerns

Due to the length of your marriage and how you have completely entwined your lives, a gray divorce will usually focus a lot on untangling the finances with a huge focus on retirement. You will both need to think about what happens next and how it will impact any retirement plans you may have.

It is also a tough situation if only one of you worked during your marriage. You may need to be more careful about dividing property and set up spousal support payments to ensure that you both have the means to find financial stability after your divorce is final.

Adult children

Even though you probably do not have minor children that does not mean your children are out of the picture. Adult children may take a divorce especially hard, and if your grandchildren, this will impact them, too. You may have issues with your children objecting to decisions you make, such as selling the family home. It can create a lot of tension within your family and will definitely change your family dynamics.