When people in their 50s, 60s or 70s get divorced, it is often referred to as a gray divorce.
One interesting thing to note about these cases is that gray divorce has become more common in recent years. For those who are 65 and older, the divorce rate has nearly tripled over the last three decades. But even for those who are just over 45, the divorce rate has been climbing. Meanwhile, younger couples under 45 have seen their divorce rate decline over the same timeframe.
What does this mean for your divorce?
Because many people retire and move to Florida, it is very common for older couples to live in the state. This means that gray divorce occurs frequently and can have a major impact on couples’ lives moving forward.
For one thing, dividing marital assets can be complicated. When a couple has been married for decades, much of what they own may qualify as marital property. They have to divide savings accounts, real estate, tangible assets and much more.
Additionally, couples in this age bracket are often at or nearing retirement age. If a couple has been jointly saving for retirement for the last 30 years, it can be difficult to determine how retirement accounts and benefits should be addressed during a divorce. Both people must understand their legal options to protect their ability to retire on their projected timeline, even if their marriage ends.
Addressing divorce complications
Financially, a gray divorce in Florida can be complex. Make sure you know exactly what legal options you have if you are navigating this process.