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Why gray divorce happens and its challenges

| Sep 3, 2020 | Divorce & High Asset Divorce |

When a Connecticut couple gets divorced over the age of 50, it is known as a “gray divorce.” While younger couples may fight about the children in a divorce, the issues for older couples will largely revolve around money and assets. The implications for this divorce are large as both spouses are nearing retirement.

Older couples may find their marriage struggling once the children leave home. Their relationship was built around parenting for many years, so they might find that they have grown apart. The couple may also be arguing about money management issues. Alternatively, one spouse may have been unfaithful, causing the couple to split. For whatever reason, the stakes in a gray divorce can be high.

When the couple is older, they may have accumulated more assets as their financial situation improves. Moreover, there may be retirement assets and pensions that each spouse wants for themselves. If a spouse receives too little in the divorce, they may find themselves unable to retire by their target date. The spouse who earns less is in particular financial danger in the divorce. Furthermore, one spouse may not have handled the finances during the marriage and then struggle when they are on their own and need to budget. This attaches a heightened importance to property division issues.

When dealing with a gray divorce, the value of legal counsel is even higher since there are more assets. Those who try to negotiate on their own may find themselves shortchanged and in a precarious situation for retirement. A family law attorney may help their client when it comes to negotiating the divorce agreement. The attorney may point out various considerations that their client has overlooked. This might put their client in a stronger negotiating position for the eventual divorce settlement.