When the divorce rate skyrocketed in the 1960s and 1970s, there was talk that it was becoming the norm for all married couples and that it wouldn’t stop until nearly everyone got divorced. That has not happened, of course. Most age groups have actually seen their divorce rates level off over the years — and the total rate in the U.S. has recently been going down. It still happens, but the increase isn’t what it used to be.
That is, except for those who are 50 years old and older. They alone have an increasing divorce rate. If you compare recent statistics with those in 1990, you’ll find that the divorce rate has doubled.
Gray divorce can be more complex
These are often referred to as gray or silver divorces. They can be more complex than divorces at a younger age. While minor children may no longer be part of the equation, older couples often have far more assets than younger couples.
A couple who gets divorced at this age may have to think about things like life insurance plans, retirement funds, large homes, second homes and vacation properties, family businesses and other high-value assets. They have a lot of money on the line and a financial mistake at this age can be highly detrimental to their golden years.
In short, if you’re going through a gray divorce, you need to get it right. That can be hard to do with such complex assets. Be sure you have experienced legal guidance to protect your rights and help you seek a settlement that will help you move on to the next chapter in your life financially secure.