What Is Gray Divorce?
Gray divorce is a fairly new phenomenon in America, namely due to the rise of the baby boomer generation. Prior to the 90s, divorce remained uncommon for the older generation, but the rate doubled by 2010. Present day statistics show 36% of US divorces are among older adults.
How do you fairly divide possessions and financial accounts acquired over decades of marriage? Not without a lawyer. Even in the event of an amicable divorce, you don’t want to be left empty-handed after years of commitment.
What To Consider During A Gray Divorce
As family law attorneys, our job isn’t to speculate on the who, what, where, and why a couple is pursuing divorce. We focus on how spouses can receive a divorce, including duos who are separating after a lengthy time married.
So let’s dive in to the uncommon, but important considerations surrounding gray divorce:
Health Insurance
If you receive health insurance through your spouse, you will lose coverage following a divorce. This can be very problematic for older individuals who are naturally in a stage of life where they see doctors and specialists frequently for care.
To put this problem into perspective, consider a common disorder among older adults: rheumatoid arthritis. Treatment for arthritis is costly and dependent upon the individual’s disease progression. Will medication and physical therapy help manage symptoms? If the condition has worsened, is surgery needed?
The average arthritis patient spends upwards of $30,000 a year on their medical needs even if they have an insurance policy — making losing coverage by means of divorce massively debilitating for older individuals.
Financial Accounts
When you’ve spent decades accumulating and expanding your financial assets, divorcing an older partner can feel impossible. But what some people don’t realize is pension and retirement contributions significantly impact gray divorce. For instance, a stay at home mother may be entitled to some of her former spouse’s retirement savings because she sacrificed some of her own financial security to care for their children.
Every instance of divorce is different, but this much is true, navigating the landscape of a gray divorce without legal representation could result in losing assets that you’ve acquired in marriage. Don’t get stuck rebuilding your financial assets from scratch at 50+ years old.
Updating Power of Attorney Paperwork, Wills, And Other Important Documents
Make no mistake, updating any documents soon-to-be divorced is crucial for any couple separating, but especially so in gray divorce circumstances. It’s not uncommon for married folks to start preparing these documents together as they age, but upon divorce, your paperwork will be outdated. Do you still want your former spouse as the executor of your will and power of attorney? Most divorced individuals would report no.
If you have adult children, consider their role in all of this. As your next of kin, without a spouse, your children will be in charge of your medical decisions in case of emergencies. Therefore, it’s important to chat with them about your wishes so they can be prepared to manage your estate.
Additionally, upon divorce, you’ll want to change the distribution of assets in your will. Yes, this is a tedious process, but it will save you in the long run. If possible, follow up with your former partner and ensure they have removed your information from their legal documents as well.
Find A Reputable Family Law Attorney To Represent You
One-third of divorces in the US are considered gray divorces, where couples aged 50+ split after a long-term marriage. After such a lengthy relationship, there’s a lot to consider when trying to distribute assets fairly, which is why you need a lawyer.
At Hickey & Hull, our team has helped many individuals of all ages through the legal process of divorce. Just contact our live agent or call (479) 434-2414 to schedule an appointment. Trust us when we say things are about to get better!