Over recent years, there has been a prevalent rise in the country’s divorce rates that pertain to older couples who break up during or after their retirement ages, also known as gray divorces. According to the U.S. Census Bureau, there are around 43% of adults aged 55 to 64, and around 24% of adults aged 75 or older who file for dissolution of marriages.
While building a life together and staying in the marriage may seem ideal for most couples, it can also be a source of awakening for the others, who may find themselves outgrowing their spouses or longing for new relationships that can better fulfill their needs and desires.
What are the common causes of gray divorce?
Although each divorce case is unique, there are some common traits that often exist in gray divorces. Four of them include:
- Empty nest syndrome
- Wealth management issues
- Long-term marriage dissatisfaction
- Personal growth aspirations
As you and your spouse come closer to your retirement age, you may find that you no longer share the same beliefs, interests or goals in life. This realization can arise from one side of the marriage or on both sides, often leading to the pursuant of divorce.
Will there be challenges in the process?
If you are trying to figure out if divorce is the right option for your situation, here are three significant consequences to gray divorces that you should know about:
- Complex division of assets: Older people facing divorce will typically have more property, assets and debts to divide. This can make the duration of divorce proceedings far more complex and costly to manage. It’s a wise idea to consult a divorce attorney before making any final decisions about the marital assets in your case.
- Emotional impact on the whole family: Older people facing divorce will often have adult children, in-laws and grandchildren. This can make the news of separation harder to convey and may lead to significant changes in family dynamics.
- Housing and healthcare challenges: Older people facing divorce will need to handle their medical care expenses, update their estate plans and look for a new residence or care facility to live in.
However, your courage to end an unhappy or complicated marriage can also lead you in the right direction towards your well-deserved happiness and self-fulfillment.