A gray divorce typically involves spouses over the age of fifty and often have been in a long-term marriage spanning more than 20 – 30 years. Divorces are increasing in this demographic, while the younger population’s divorce rate has decreased.
When you come to a divorce with over 20 years of experiences, finances, emotions and memories, the divorce process can be very tumultuous.
Utilizing the collaborative divorce process, both of you can be supported with financial neutral(s), mental health specialist(s) and attorneys who have committed to resolving your challenges in a respectful and non-litigated manner.
When we meet with our clients who are getting a gray divorce, we often share the following with them:
- Spousal support should include all income – including bonuses, travel, car allowances and the salary
- If your spouse is paying spousal support, you may want to consider them having a life insurance policy to cover the support should they pass
- Divide pensions carefully – they can be complex to untangle
- Determine if you will receive any part of your spouse’s social security income – don’t agree to a lower spousal support amount until it is confirmed
- Inheritance is not usually sharable in a divorce
- Determine the correct value of premarital assets and liabilities
Collaborative divorce and gray divorces are a good match for divorce proceedings because you have access to a team of professionals who are committed to resolving your issues outside of court. This can save a great deal of time, money and heartache.
Note: This information is general in nature and should not be construed as legal/financial/tax/or mental health advice. You should work with your attorney, financial, mental health or tax professional to determine what will work best for your situation.