Gray divorce is increasing among older adults in long-term marriages in Minnesota and throughout the country. Although the overall divorce rate has dropped, gray divorces continue to be on the rise. This is likely due to an increased life expectancy, better health and more financial independence among women. Gray divorces are also three times higher among couples who have remarried. It’s important to note that the emotional and financial implications can be a lot harsher than divorcing at a younger age.
What to expect in a gray divorce
Gray divorces can be more complicated because they require dividing assets and finances that couples spent decades acquiring. It can also include dividing a business that was started or acquired during the marriage. Critical issues that will be addressed may include alimony, inheritances, dividing properties, Social Security, life insurance and pension plans.
Mediation can be an ideal option for asset division if you don’t want to waste a lot of money on the divorce or you want to save time. Mediation can also be a smoother and less stressful process that allows both parties to agree on a settlement. The process is less formal and can allow both spouses to be more satisfied with the outcome.
Who can you contact for legal assistance?
Contact a divorce attorney if you’re interested in filing for a gray divorce later on in life. A legal professional may inform you of your rights and help you navigate the dissolution of marriage. The attorney may also provide you with alternatives to a lengthy court battle to make it a smoother, more efficient process. They may help protect your assets and finances as well as advise you about seeking spousal support.
