Jonesboro Attorneys

Navigating a "Gray Divorce"

Somewhat surprisingly, divorce rates amongst older couples have begun to rise over recent years. While getting a divorce later in life can significantly improve the quality of life for both spouses, there are a lot of things to consider before pursuing one of these “gray divorces.”

One of the biggest things that will add significant complexity to one of these cases is the number of assets in the divorce. Often times “gray divorce” couples have been married for considerably longer than a younger couple. Length of marriage makes true ownership of certain assets much more unclear… one might even call it a “gray area.”

As a result, couples must go through a considerably more difficult series of negotiations. This makes a “gray divorce” carry on longer, driving up costs and leading to increased frustration and impatience.

What Do “Gray Divorces” Consider?

Even though a young couple may have similar assets to their name as an older couple, the older couple frequently has far more to consider in their divorce proceedings, even beyond just their possessions.

Older couples may have to consider:

  • Pensions & retirement funds: Longer histories of work and increased age usually mean bigger pensions and retirement accounts; arguably the biggest assets in a “gray divorce”
  • Social Security: Social security benefits may change significantly after a divorce is finalized
  • Estate plans, wills & trusts: a divorce likely will mean you will need to significantly change your plans for the future of your possessions, meaning you may wish to recant them and create entirely new ones, which can add even more costs
  • Health issues: If one or both spouses is not in the best of health, insurance coverage and other financial backing may be an issue if a divorce is finalized
  • Alimony: Because advanced age can limit the ability of a spouse to sustain themselves, alimony is far more common; permanent or longer-term payment requirements are also more common

If you would like more information, including specific details that will apply to your exact situation, reach out to the skilled Jonesboro divorce attorneys at Ford & Cook, PLC. Our team can protect you and your livelihood during a divorce by working with you, your spouse, and their legal representation to come to a deal that is ultimately fair to both sides and leaves both in as good a position as possible.

Schedule a consultation from Ford & Cook, PLC today by dialing (870) 853-3621.

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