Between 1990 and 2021, there was a dramatic increase in the divorce rate for couples who were over 65 years old. It roughly tripled over those three decades. A corresponding rise could also be seen in the general divorce rate for people over 45 years old.
In other words, while recent trends have shown a declining divorce rate for younger couples, there has been a significant rise in divorce among older couples. This is often referred to as “gray divorce,” and it demonstrates how attitudes toward marriage and divorce have shifted over time. There is clearly something of a generational divide when it comes to divorce trends.
Assets and retirement
In some ways, divorcing at an older age can actually be more complicated. It is true that child custody issues are less common, but property division can become extremely complex.
Part of the reason is simply that older couples often have accumulated more assets. They may have investments, retirement accounts, savings, homes, real estate and business ownership interests that all need to be divided. Over the course of a decades-long marriage, they may also have acquired many valuable personal assets, making it difficult to separate their financial lives.
A related issue is that these couples often have to think carefully about retirement plans. If a couple has spent decades saving for retirement together, what impact will divorce have on their ability to retire on time? How can they preserve the retirement assets they have worked so hard to build?
Addressing the financial reality
With gray divorce becoming more common, these financial questions are affecting more and more couples every year. It can help to work with an experienced law firm to protect your rights during property division and help you plan for your financial future.