For many people, a long-term marriage brings security and companionship. But when marriages end in divorce after decades together—known as “gray divorces”—they can often be more complicated than your typical separation.
These divorces are likely to involve high asset division, so it’s important to know what steps you should take if you find yourself in this type of situation.
An increasing trend
It’s becoming increasingly common for people in their 40s, 50s, and even 60s to decide that a divorce is their best option. Many people attribute this trend to various causes, including longer life expectancies that make it easier for more mature couples to consider taking separate paths in life, as well as women becoming more career-oriented, which may cause a change in family dynamics and expectations. Loss of emotional connections due to other conflicts has also been linked to increased divorces among older spouses.
These gray divorces often come with a lot on the line. Not just emotionally for those involved but financially as well. The assets accumulated throughout a long-term partnership may be expansive. From real estate investments to savings accounts and even retirement funds, there are many complex financial areas to consider when it comes to gray divorces.
Therefore, gray divorces are more complicated and come with unique challenges compared to divorces among younger couples. Since there is more at stake, ex-spouses can find it challenging to reach a peaceful agreement.
Going through a gray divorce is a difficult experience, and it can be hard to know where to turn for help. It’s important to understand your rights and ensure you receive your rightful share of the marital assets. Knowing that your financial future is secure can help you move forward with confidence into the next stage of life.