Divorce is never an easy topic to discuss. However, when a couple has been married for several years, it is often a surprise to everyone when one partner decides to end the marriage.
What are some special considerations in a gray divorce?
An upward trend
While the overall divorce rate continues to decline, the baby boomer generation is seeing an increase. The divorce rate among people 55 and older has doubled since 1990, and in the same period, divorces among the 65 and older crowd have tripled.
There are multiple reasons for this trend, such as:
- People are living longer, healthier lives and are less likely to stay in an unsatisfying marriage
- Divorce is becoming more socially acceptable
- Children are out of the house, and the couple has grown apart
However, divorcing after decades of marriage comes with unique challenges both parties must consider.
One of the most significant considerations is dividing retirement accounts such as 401(k)s, IRAs, and pensions. These assets often represent a substantial portion of the couple’s wealth accumulated during the marriage. Pennsylvania requires marital assets to be distributed fairly, which may not be equal. Dividing retirement assets can be daunting and requires careful analysis.
Spousal support and alimony are often central issues during a gray divorce, especially if one spouse stayed at home and was the children’s primary caregiver or if one earned significantly less than the other spouse. When determining alimony, Pennsylvania courts will consider:
- Length of the marriage
- Age and health of both parties
- The earning capacity of each spouse
- Standard of living during the marriage
Another area of concern is healthcare. Many people start having health issues as they age. In a divorce, one spouse may lose access to health insurance if their current insurance is through their spouse’s employer. Finding other health coverage options can become costly.
For anyone navigating a gray divorce, it’s imperative to work with someone who understands the complexities involved. They can create a strategy to address immediate needs and help protect your interests.
