One thing that researchers have found over recent decades is that the gray divorce rate continues to go up. Younger couples have a falling divorce rate, in part because cohabitation is more common than it used to be. But older couples have a rising divorce rate, such as those over 65, who have seen their divorce rate triple since the 1990s.
Because gray divorce is on the rise, these couples must understand what can be different about these divorce cases and some of the legal complexities they may face.
Retirement plans
One key area to consider is how to divide retirement savings and related assets. Couples who are getting divorced in their 60s may be very close to retirement age, so there is no time to plan independently after the divorce.
Fortunately, there are ways to divide these assets. For instance, if one spouse has been earning retirement benefits that both were planning to use, those benefits can be split up with a qualified domestic relations order.
Significant financial assets
Furthermore, couples in this age bracket often have a higher net worth than younger couples, so they have many financial assets to divide. They may have been saving for decades, and they could have investments that are worth millions. This type of property division can become far more complex and even contentious than it would be for a younger couple who has far less to their name.
They also have to look at tangible assets that they own jointly. A couple may have purchased a home 30 years ago that is now entirely paid off, and its value may have tripled since they bought it. If their house is now worth over $1 million, deciding exactly how to address it as a shared asset can be complicated.
This is especially true if either spouse wants to stay in the home. The simplest way to divide real estate is to sell it and split the revenue, but older couples may want to stay in the home they have lived in for decades, meaning they have to consider other options.
While gray divorce can be complex, there are ways to address all of these legal issues, and an experienced divorce attorney can help provide the necessary guidance at this time.
