Gray Divorce refers to a divorce involving individuals who are 50 years of age or older. Many high-profile cases, such as Bill and Melinda Gates, Billy Ray and Tish Cyrus, and Arnold Schwarzenegger and Maria Shriver, have brought attention to the growing number of gray divorces. According to data from the U.S. Census Bureau, adults ages 55 to 64 have the highest number of divorces among married adults over age 20. Gray divorces can be even more challenging than divorces involving younger couples because of the unique issues involved in these cases. Because many older couples have been together for such a long time, the division of property can be complicated as they may have a lot of marital and commingled assets. Children, grandchildren and extended family also are a consideration.
According to research by AARP, most gray divorces are initiated by women as they reportedly asked for a divorce in 66% of reported cases, while only 39% of men and 15% of couples jointly decided to end their marriage.
Regardless of who initiated the divorce and why, you can still move forward with your life after divorce.
If you are involved in a gray divorce, there are also unique financial concerns which we can address and provide advice.