It is no secret that the divorce rate in the United States is continually on the rise. Beginning in 2015, a new age group emerged in those rising numbers. Couples over the age of 50 began filing for divorce in droves. Commonly called “gray divorce,” “silver splitter” or “diamond divorce,” these cases come with many of their own unique issues, often requiring an experienced divorce attorney with excellent negotiating skills to survive.
Consider the difference in a couple who are in their 20s, have only been married a few years and hardly own any assets vs. those who have been married 50 years and spent a lifetime accruing and collecting assets. As you can imagine, there is much more at stake in a later-in-life divorce, which also means there can be much more contention and difficulty. While the divorce of a young couple can usually be completed within a few months, a gray divorce can sometimes take years to settle.
What are some of the common issues?
Some common issues that arise in a gray divorce are division of retirement benefits, beneficiaries, alimony, health insurance, substantial finances to be disbursed and much more complex and valuable marital property that the couple must divide. Often, sentimentality can cause contention among divorcing spouses who have spent years together, especially when children are involved.
Seeking the right legal advice
Should you find yourself in the situation of a later-in-life divorce, an experienced attorney can become your best friend. The division of substantial assets requires skillful negotiation, legal knowledge, and an ability to stay level-headed and neutral to provide the best outcome for you. No one should have to start over completely after walking through years of life together.