Things To Know About Gray Divorce
According to recent research, the divorce rate in the United States has declined among the general population. However, the divorce rate among those who are aged 50 and above has doubled in recent years. These divorces are known as gray divorces, and they present unique issues. Due to the fact that gray divorces involve older individuals, couples obtaining one have generally been married between 20 and 30 years. Below, our Brandon divorce attorney explains more.
Common Reasons for Gray Divorce
There are many reasons people choose to divorce later in life. Sometimes, couples feel as though they have simply grown apart over the years. The fact that life expectancies are far longer than they were historically, many people feel as though they do not want to live the rest of their life in an unhappy marriage. When a couple has children together, they have often become adults and have moved out of the home by the time their parents are in their 50s or 60s. Couples may feel as though divorce will be easier without young children involved, or they may realize they have little else in common.
Alimony Issues in Gray Divorce
Alimony can be awarded in any divorce case, as long as the requirements within the statute are met. One of the biggest factors that determines the need, and amount, of alimony is the length of the marriage. When a couple has been married for decades, the potential for alimony to be awarded to one spouse is far higher. Older adults also sometimes have a diminished earning capacity, or very few years left in the workforce. This also increases the chance of alimony being awarded.
Property Division Issues in Gray Divorce
Dividing the marital assets and liabilities is always one of the most complex aspects of any divorce case. In a gray divorce, the issue becomes even more complicated. Over decades, a couple will accumulate a significant amount of assets together, all of which are subject to division. Gray divorces also usually involve the division of stock options, retirement accounts, and other investments. Determining which portion of these is marital property, and which is separate, is very challenging.
Life Insurance Issues During a Gray Divorce
Life insurance is an issue that does not present itself often in cases that involve younger couples. In gray divorces, though, life insurance issues are much more common. If one person is ordered to pay alimony, a judge may also order them to purchase life insurance to secure the payments. These payments can be very cost prohibitive for older adults, especially when they did not have life insurance before the divorce.
Contact Our Divorce Attorney in Brandon for a Free Consultation
If you are considering a gray divorce, you need sound legal advice. At Koether Law, P.A., our Brandon divorce attorney can provide it so you can make informed decisions that will give you the best possible outcome. Call us now at 813-347-8193 or contact us online to schedule a free consultation.