The rise of gray divorce

While divorce can be complicated no matter how long a couple is together, as those who divorce in their older age will find, there are specific concerns those over 50 will face that may not be at the top of mind for their younger counterparts. Gray divorce, or couples ending their marriage after age 50, is on the rise, according to the Pittsburgh Post-Gazette, and a quarter of those seeking divorces in 2010 fell into the gray divorce category. While some of the marriages that are ending were first marriages, the baby-boomers now seeking divorce are also subsequent marriages, which tend to end in divorce at a higher rate.

Many say that these couples are seeking divorce because of longer life expectancy, and that also leads to greater concern for the financial aspect of a divorce. While not all couples have a dependant spouse, for those who were out of the workforce, especially to raise children, the cost of retirement could pose significant problems if they were not saving or paying into social security for a long amount of time.

The Philadelphia Inquirer reports that finances factor in heavily to the decision of many seniors who decide to divorce. Once any children from the marriage are grown and no longer need to be cared for, financial stability is often the linchpin that takes a couple that was on the rocks to  court. Some suggest focusing on splitting retirement assets before considering the family home or other savings. When possible, keeping those accounts in savings is often advised.

 

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Based in Media, Louis Wm. Martini, Jr., P.C., serves clients in Delaware County and elsewhere in Pennsylvania. 

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