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What’s behind the rise in gray divorce?

On Behalf of | Aug 26, 2020 | Divorce |

People often assume that most divorces happen to people who are young, thinking they may have impulsively entered into marriage. Though that can certainly happen, it is not the entire story, as may divorce professionals say that they have seen a significant rise in divorce rates among people who are much older. This phenomenon is known as “gray divorce,” describing people who divorce after age 50, and the rate of divorce in this age group has doubled in the last 20 years alone. It can have a significant impact on both parties and requires special consideration. Fortunately, there are guidelines for anyone here in Connecticut who falls into this category.

The biggest change for most couples who divorce at this stage of life is financial. Some spouses find that their income level drops significantly after divorce, and there may not be as many years left that a person can work to make up for the shortfall. For couples who have significant assets, the impact isn’t as detrimental, but it can still alter their future plans, especially in the amount of inheritance they may have meant to leave to their heirs. People also find it more difficult to afford their expenses, particularly when they were used to having access to two incomes.

Experts advise people going through a gray divorce to try and compromise with the other person if at all possible. They may be able to come to a mutual agreement about certain assets, particularly ones that were destined to be left to someone outside the couple, such as a college fund for a grandchild. Professionals also say that if a person can take emotion out of as much of the process as possible that it will only help when hard choices have to be made.

Even when people try to work out details of a gray divorce on their own, it can be difficult to determine what a fair resolution may be. It may be a good idea to turn to a divorce lawyer here in Connecticut who has extensive experience with family law matters. This way, everyone involved can have the best chance at starting their new future on the right footing.