Many people believe that divorce is extremely prevalent in the United States, but the statistics paint an interesting picture. Over the last 20 years, the overall divorce rate has actually decreased. The one demographic where divorce has increased is with couples who are over the age of 50.
The term gray divorce has existed for quite some time, but many are starting to pay more attention to it. According to Forbes Magazine, gray divorce happens for similar reasons as divorce among younger couples, but the financial implications of gray divorce can be quite complex.
What causes gray divorce?
Some couples simply grow apart, or maybe one partner struggles with infidelity or addiction. Money can also cause a lot of trouble in a marriage, particularly if one member of the couple is more strict with funds than the other. However, many couples who are over the age of 50 and up with very complex divorces.
This is because it is more common for one part of a gray divorce to have not been gainfully employed for a large portion of the marriage. Additionally, gray divorces are more likely to be high-asset divorces due to an entire adult lifetime of building a household.
What are the challenges associated with gray divorce?
The issue of alimony tends to be more important in gray divorce as compared to younger couples.
Many ex-couples also experience problems with their grown children. While the difficulties concerning children and divorce are different when the children are grown and often have families of their own, many adult children do not adjust well to a gray divorce.