What is a Grey Divorce?

HOOMA SHAH ESQ. is the Founding and Principal Attorney at THE SHAH LAW FIRM, LLC in Clayton. She is an experienced Family Law Attorney and serves clients in both Missouri and Illinois. Before opening her own practice, she clerked for two Family Law Judges in Pennsylvania, which exposed her to a broad range of family law issues and taught her how to analyze a case from a judge's perspective, which is highly beneficial in procuring a successful outcome on behalf of her clients.

BY HOOMA SHAH, ESQ.

ho can forget

WBill and Melinda Gates’ recent bombshell announcement that they are divorcing? In 2010, everyone was surprised when Former Vice-President Al Gore and his wife Tipper Gore announced their separation after 40 years of marriage. These divorces illustrate an emerging trend in the world of family law—that of “grey divorces.” Over the last several years, the divorce rate for middleaged and older couples, particularly celebrities and politicians, has increased significantly. One can’t help but ask, “Exactly what is a grey divorce?” “Why are grey divorces trending?”

WHAT IS A PRE-NUPTIAL THE AGE OF GREY DIVORCES

In the past, grey divorce described the break-up of a 40 plus year marriage of a couple in their 60’s. Today, it refers to a man or woman who is over the age of 50 and is divorcing. Usually, the marriage is at least 20 years old, and the children are young adults or older. Instead of children facing parental divorce, it is married children with their own families, experiencing the divorce of the “grandparent” age.

THE SENIOR SILVER SPLITTER

Divorce among Generation X and Millennials has decreased. Younger generations are either marrying later in life or bypassing marriage entirely. In 2010 one in four people over the age of 50 divorced. By 2017, women over 50 years old initiated two out of three divorces. So, what is responsible for this upward trend? A variety of reasons exist as to why people are people divorcing later in life. In the past, couples usually stayed together for financial security. In the past divorced women lived in poverty while divorced men increased their standard of living. However, over the last several decades women have made significant gains in education, independence and autonomy. Thus, they are less fearful of becoming impoverished. Sometimes people lived in unbearable conditions to avoid the stigma of divorce. Often religious views kept couples together, especially when it came to raising the children. How often have you heard, “I’ll divorce my husband as soon as the youngest turns 18?” Once the children leave home, couples suddenly realize they have nothing in common. Today, that is one reason for the increase of senior divorces. Age brings new health challenges and maybe a partner wants a younger model. Perhaps, people just grow apart. Today there is an increase of Seniors who want to experience a better chapter in life. Rather than hanging on for different reasons, older couples are splitting apart.

SENIOR SILVER SPLITTERS – WHAT YOU NEED TO CONSIDER 1. MAINTENANCE (AKA ALIMONY):

Consider where you and your ex-spouse are in your careers. Alternatively, did one of you (usually the woman) give up your career to stay home and raise the children? This can impact the duration and amount of maintenance a party owes, and the other party receives. 2. ASSETS AND LIABILITIES: Have you and your spouse accumulated pre-marital, non-marital and/or marital assets? What about debt? The longer you have been married, the more there will be to work through. 3. INHERITANCE: Have either you or your spouse received any inheritance? If yes, it may be subject to division in a divorce. 4. SOCIAL SECURITY BENEFITS: Are you or your spouse receiving or entitled to social security benefits? What about Veteran’s Benefits? If yes, these particular benefits might be at stake in a divorce. 5. LIFE INSURANCE: Do you and/or your spouse have a life insurance policy? Do you know if it has a cash surrender value? Who is the beneficiary of the policy? These are all things that you need to consider when you are going through a divorce.

6. PENSION PLANS AND RETIRE-

MENT ACCOUNTS: Have you and/or your spouse accumulated these benefits? Are you aware of the impact that divorce can have on your retirement plans and benefits? 7. COLLEGE: Do you have children who are planning to attend or are currently in college? Have you discussed if you or your ex (or both) will be paying for your child’s college tuition?

YOUR GREY DIVORCE ATTORNEY

It’s essential to work with a family law attorney who understands your new change in life during a grey divorce. If you’re in the age to start over your new chapter in life, you can call me at 636-299-0250 to book a consultation with me now.