Gray Divorce: Its Impact on Retirement

DivorceDivorce rates in America have been declining in the last 10 years. However, the case is not the same for couples over 50 years old, their separation rate doubled from 1990-2009, leading to many retirement problems.

Causes of Gray Divorce

Divorce no longer has the negative social stigma it had before, seniors are willing to leave a marriage for emotional well-being or because they grew apart.
Married couples separate for a variety of reasons and these are often the same even for seniors. With the advancements in health care and technology, old folks are healthier and stronger than they were before. Women are also empowered, independent, and financially stable to not need a man to take care of them in old age.

Healthier baby boomers have plenty of time to reflect on their life in the next 20 or 30 years after retirement. They get to assess unhealthy relationships and make a decision to stay or go for fulfillment or emotional well-being.

Life crossroads such as retirement and empty nest syndrome have seniors ruminating about their lives and relationships.

In the 50s and 60s, unhappy couples stay together because they believe it’s not worth it to divorce because they only have a few years left in them; that is no longer the case today.

Gray Divorce’s Impact on Retirement

Divorces in New York increased by 17% since the end of the recession. According to data released by the state Health Department, the number of divorces and annulments was at 58,792, rising by 3% compared to 2011’s numbers. If you feel like your marriage of over 30 years is coming to an end, consulting with a Long Island divorce attorney is the way to go.

Gray divorces get complicated as older couples must decide on splitting shared accumulated wealth over the course of their relationship. Deciding on who gets what property, how much of the savings to split, and if a spouse gets coverage on insurance.

Property and finances are not the only problems gray divorcees’ face; the emotional impact on older children, friends, and family will take its toll.

Older couples have a difficult decision to make when they plan to divorce. With the help of divorce attorneys, the process is less tedious.