Nowadays, gray divorce or divorce past the age of 50 has become more common. People realize they do not have to spend their golden years in an unhappy marriage. However, when you decide to divorce later in life, you may have more complications than other couples.
Gray divorce has several unique characteristics compared to younger divorce.
Determining how to split assets
Odds are both you and your spouse have emotional attachments to your property. If you spent years in the family home, raised children and planned a future together there, it may feel overwhelming to choose who should keep the property. In some cases, selling the property and splitting the value can ease some of the stress in determining who should keep the house.
When you build your life together, you collect various assets as a partnership. Most people do not want to split their lives 50/50. Discussing the sentimental value of your assets can help you determine who should keep which property.
Dividing retirement accounts
How your divorce impacts retirement depends on whether you already retired or if you plan to retire in the future. If you have not retired, a judge can order a Qualified Domestic Relations Order where you have to split the retirement account. If you earn retirement income, it becomes a part of the divorce the same way any other form of income does.
If one spouse did not work for most of the marriage, the other spouse still has to support him or her.