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How is grey divorce different from traditional divorce?

When a couples who are later in life choose to divorce, the process presents specific complications that younger divorcing couples may not need to consider. So called "grey divorce" refers to divorces between spouses who are about 65 years old or older, and requires special consideration from all parties involved to ensure a fair, tenable settlement.

While it is relatively common for spouses to put off divorce until their children are out of the house, this usually entails divorcing somewhere in your fifties. When couples wait until their sixties or later to divorce, there is much less time to build up individual resources to keep your retirement secure and also afford single life. Especially for many women who wait until their sixties to divorce, they may experienced great difficulty re-entering the workforce if they spent the better part of the last thirty or forty years in the home.

A crucial aspect to any grey divorce settlement is ensuring that both parties reach an agreement that leaves them able to live separately. This can be exceptionally complicated when couples have the majority of their net worth tied up in complex assets or property like a family home, rather than liquid assets that can be split easily.

Dividing up assets so that each party can exit the marriage and thrive is a tricky matter, and must be approached very carefully. If you are considering a divorce after 65, be sure to consult with an experienced attorney who can help you examine all of the assets you and your spouse may divide. Proper legal counsel can help you protect yourself and your rights while you chart course to a fresh new season.

Source: WTOP, "Over 65? How to know if you can afford a ‘gray divorce’," Dawn Doebler, accessed April 07, 2017

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