The term gray divorce refers to the end of a marriage between spouses who are in their 50s or beyond. Those who are near or past the age of retirement may have spent decades together before realizing the marriage is no longer healthy.
For the most part, gray divorces are the same as any other Delaware divorce. The same laws apply to property division. Even if the couple had children together, they are unlikely to have custody negotiations to deal with because their children are probably adults. Still, there are some unique issues that tend to arise during gray divorces and not during divorces that occur earlier in life after shorter marriages.
What are likely to be some of the most pressing issues for those preparing for gray divorce?
Concerns about retirement resources
Couples typically budget for retirement based on shared costs and combined savings. Divorce means splitting retirement savings and other assets. It also means supporting two different households with those resources. People often need to evaluate their financial circumstances carefully and focus on a fair property division outcome to protect their financial stability during their retirement years.
Increased need for financial support
Dependent spouses and those who made family matters a priority instead of their careers may not have as much separate property as their spouses. In fact, they may have very little property in their own names. In some cases, the dependent or lower-earning spouse may have reason to request alimony also known as spousal support. Particularly in scenarios where one spouse might have a pension that they cannot actually divide, regular payments can help produce a more equitable financial situation in a gray divorce scenario.
The risk of financial misconduct
Emotions tend to flare when couples divorce after decades of marriage. The spouses know each other very well, which means they know exactly how to manipulate and hurt each other. One spouse might seek out ways to manipulate the property division process for their own personal gain. Some people hide assets by removing them from the marital home or transferring funds out of shared accounts. Other people dissipate marital assets. They might destroy marital property or give it away to others. They might also rack up major credit card debts or go on spending sprees to waste marital resources. The combination of a large, complex marital estate and intense emotional reactions can lead to very inappropriate financial conduct.
People preparing for gray divorces often need to plan carefully and learn about their rights. The proper support combined with realistic expectations can help people enjoy their golden years after ending a long-term marriage.
