According to the AARP / Senior Planet, grey divorce is generally defined as the separation and divorce of married couples who are 50 years old or older.
There has been a “grey divorce revolution” as more and more couples are deciding to separate, rather than suffer through loveless marriages as previous generations have done.
If you or someone you know is considering a grey divorce, there’s some important information that you need to be aware of.
Divorcing later in life comes with its own unique set of challenges, but it is possible to navigate the process with grace and compassion.
There are special considerations for Boomers and Gen Xers who are considering divorce and are either relatively close to retirement or no longer working – Bill Powers, Charlotte Divorce Lawyer
Grey Divorce is often complex
It’s important to note that grey divorces are often more complex than other types of divorce.
This is due to the fact that couples may have accumulated considerable assets over many years, and there can be relatively complex issues about who gets what and how much each partner receives.
It’s also likely that retirement accounts such as 401(k)s, pensions, and other investments will need to be divided in the divorce.
It makes sense to retain an experienced family law attorney for legal representation who really understands the often complex, intertwined financial implications – Bill Powers, Grey Divorce Lawyer in Charlotte NC
We think it’s smart for anyone contemplating divorce fully understand your rights and responsibilities.
This includes understanding how the North Carolina divorce laws dictate who gets what in a divorce, as well as any tax or financial implications related to the divorce.
Alimony, Equitable Distribution, and Child Custody / Support, if applicable, can be important factors to consider before telling your spouse, “I want a divorce” or deciding to legally separate.
While it may feel overwhelming to negotiate the finer details of your divorce, hopefully, you and your soon-to-be ex-partner are working towards the same goal: ending your marriage in a way that is fair and amicable.
Grey hair doesn’t always ensure reasonableness between the parties. Even if children are grown, there can be substantial disagreements about what is an equitable distribution of assets – Bill Powers, Charlotte Divorce Lawyer
Grey divorce can be an emotionally challenging time for both partners.
Emotional support can be a valuable tool when going through separation and divorce.
That may include talking to a therapist, support group, or faith-based counselor/therapist.
It’s also important to remember that you don’t need to go through this process alone; friends and family can be great sources of emotional support.
By understanding your rights and responsibilities, seeking legal advice, and making sure that both parties are heard, a grey divorce can be concluded in a way that is fair to both partners.
Why are so many Baby Boomers getting divorced?
Baby Boomers are leading the way when it comes to getting divorced and redefining what it means to stay married in the modern age.
They are no longer willing to settle for a marriage that isn’t fulfilling and are instead seeking out new partners who can bring them joy and companionship into their later years.
Ultimately, Baby Boomers have realized that life is too short to stay in a bad marriage, and they are taking steps to find true happiness.
It turns out that many Baby Boomers are getting divorced because their beliefs and ideals have changed over time.
Unlike their parents, Boomers are not content with staying in a marriage where they feel trapped, unfulfilled, or ignored.
They realize that life is too short to spend it unhappily, and so they are seeking a way out.
The changing role of women has also had an impact on the Baby Boomer divorce rate.
Women today are more likely to be financially independent and have their own career aspirations, which can lead to conflict between two people in a marriage who have different goals for their lives.
Indeed, recent statistics indicate 66% of 50 and older divorces, which have approximately doubled since the 1990s, are now instigated by women.
Baby Boomers are also living longer and healthier lives than previous generations.
With longer lifespans, the idea of staying in a marriage that is not working becomes more and less appealing. Many Baby Boomers are looking for a second chance at happiness after spending decades with one person – Bill Powers, Charlotte ‘Grey Divorce’ Attorney
Is Divorce Different for Gex X?
Yes, divorce can be different for Generation X.
Like Boomers, divorce is often a more complex and challenging process for Gen Xers, who are typically older when they get divorced than previous generations were.
They may have children from their marriage or other relationships, as well as financial concerns such as joint debts or mortgages to sort out.
Additionally, Gen Xers tend to be more independent and may have difficulty with the traditional gender roles associated with divorce proceedings.
They may also be less likely to rely on family or community support networks for help navigating the divorce process.
Furthermore, since many Gen Xers are in their peak earning years during a divorce, they may face greater financial impact(s) from divorce proceedings than younger individuals.
Gen Xers typically have had more time to amass their assets than generations before and after them.
As such, the division of those assets and other financial matters may be even more complex for divorcees than for Boomers and Millenials.
This can add an additional layer of difficulty to a divorce that may be already emotionally and logistically taxing.
In spite of the difficulties that Gen Xers may face throughout the divorce process, positive outcomes are entirely possible.
Some experts suggest that this generation’s independence may help them find creative solutions to their divorce woes that could make it less painful for all involved.
Gen Xers seem to be amenable to Collaborative Divorce, Mediation, and alternatives to litigation. Frankly, that’s smart. We firmly believe Collaborative Divorce can be an extremely useful tool – Bill Powers, Charlotte Collaborative Divorce Lawyer
Ultimately, each individual will have a unique experience with divorce, regardless of their generation.
However, it’s important to remember that no matter the age or circumstances of a divorce, there are resources out there to help those in need.
Collaborative Divorce: Is it for you?
Collaborative divorce is a type of alternative dispute resolution (ADR) approach to the traditional adversarial process.
Collaborative Divorce can be less costly and time-consuming for couples looking to end their marriage.
In a collaborative divorce, both parties agree to work together to come up with solutions that best meet the needs of both spouses, as well as any children involved.
By doing so, the divorcing spouses can avoid a lengthy trial and the related drama of a trial.
Unlike a traditional adversarial process, collaborative divorce allows parties to make decisions about their family’s future in an amicable manner.
The parties are also encouraged to use outside professionals, such as financial advisors and mental health counselors, to help them make informed decisions regarding their divorce.
Additionally, collaborative divorces often involve less anxiety and trepidation than a traditional divorce, as the parties are focused on settling issues out of court and coming to mutually beneficial agreements.
Ultimately, a collaborative divorce, particularly for gray divorce, may be a good option for couples who want to keep their family’s matters private, maintain control over their own lives, and ensure that both parties are treated fairly and equitably.
It is important to consult with an attorney who has received special training and/or certification in Collaborative Divorce.
Bill Powers is a member of the Charlotte Collaborative Divorce Professionals. and the International Academy of Collaborative Professionals.
When considering a collaborative divorce, a Collaborative Law Attorney can help you understand your rights and obligations under the law.
With the right guidance, couples going through a divorce can find a path toward a resolution that works for them.
Alimony considerations in a Gray Divorce
One issue that can be particularly difficult to resolve in these types of divorces is alimony.
Alimony, also known as spousal support or maintenance, involves payments one spouse makes to the other during and/or after a divorce to provide financial support.
In gray divorces, courts typically take into account factors such as the age of each spouse, the length of the marriage, and any disparities in incomes when determining alimony awards.
However, there are other considerations that can also be taken into account as well.
For example, if one of the spouses has a disability that affects their ability to work, they may be entitled to receive alimony
Also, courts may also look at the job skills of each of the spouses in order to determine what type of alimony is appropriate.
In addition, courts will also consider any other resources available to the spouses when making a decision about alimony.
These resources might include pensions, Social Security benefits, investments and other assets.
If one spouse is relying on these resources for financial support, the court may factor it into their determination of alimony payments.
Finally, courts will also look at whether either spouse has been financially dependent on the other during the marriage, as this can be a factor in determining the amount of alimony one spouse needs to receive.
When it comes to gray divorce, alimony is an important issue that must be carefully considered.
Alimony and Equitable Distribution: What’s the Difference?
Alimony and equitable distribution are two different concepts in family law.
Equitable distribution is a process used to divide marital property between spouses, while alimony refers to the payments one spouse makes to the other to support them financially during or after a divorce.
In North Carolina, post-separation support may be referred to as “PSS.”
Divorce lawyers used to call it ‘temporary alimony.” PSS is a type of spousal support that is paid during the pendency of the divorce, whereas alimony refers to spousal support once the Court issues the Divorce Degree – Bill Powers, Charlotte Divorce Attorney
PSS, Alimony, and ED
Big picture, it’s important to remember that PSS – Post Separation Support, Alimony, and Equitable distribution are not the same thing and should be treated as separate issues when addressing the financial aspects of a divorce.
PSS and Alimony are designed to provide support to the “dependent spouse” by the “supporting spouse,” and are not used to balance out assets or property awarded in an equitable distribution settlement.
When dealing with alimony and equitable distribution, it’s essential to have knowledgeable legal advice so you can make sure your rights are fully protected.
With the right support, you can ensure that you receive a fair and equitable outcome from your divorce.
How will retirement affect a Grey Divorce?
Retirement can be a difficult issue to address in a gray divorce.
This is because both spouses may have significant financial obligations that will affect their retirement plans and ability to lead comfortable lives after the divorce.
In some cases, one spouse might be relying on the other for retirement income or Social Security benefits.
In gray divorces, we think it is important for the couple to come up with an arrangement that takes into consideration both spouses’ financial needs.
The Court (the Judge) may also order spousal support, or alimony, for one spouse to help them maintain their lifestyle during and after retirement.
Additionally, when the marital estate includes assets accumulated before the divorce, such as 401(k)s and other retirement plans, the Court may order an equitable distribution of retirement accounts, benefits, and other marital assets not determined to be separate property.
To make sure you receive a fair outcome in your gray divorce settlement, it’s important to get experienced legal advice.
An experienced attorney can help you understand the potential implications of your divorce on your retirement and make sure you receive a fair outcome when it comes to dividing assets and providing financial support.
Other financial considerations in gray divorce
Late-life divorce or later in life legal separation and divorce may include consideration by a financial advisor of:
- Retirement Benefits / Pension Plans
- Retirement Fund / Premiums on Retirement Plan
- Social Security Benefits
- Health Insurance Premiums / Coverage
- Retirement Age
- Minors and Dependant Adult Children
- Family Home / Mortgage
- Investment Property / Rental Income
- Income – Base Salary, Commissions, Delayed Earnings, and Total Compensation
Grey Divorce Lawyers in Charlotte – Powers Law Firm PA
Powers Law Firm PA is a family law firm in Charlotte, North Carolina that helps people going through a “grey divorce.”
Our experienced attorneys understand the complexities of this type of divorce and the unique challenges that it can pose for couples.
We strive to provide our clients with comprehensive legal advice and help them navigate through their divorce proceedings as efficiently and amicably as possible.
Collaborative Divorce Professionals in Charlotte
We offer various services related to grey divorces, including Collaborative Divorce, Arbitration, and Mediation.
Our divorce lawyers are dedicated to protecting the rights of our clients and advocating for their best interests throughout the entire process.
If you are considering a grey divorce and need legal guidance, contact Powers Law Firm PA today to schedule a confidential consultation.
It would be an honor to help you understand your rights and obligations under the law and provide sound advice on how to move forward with your divorce in the most effective way.
Call NOW: 704-342-HELP
We look forward to hearing from you!
*Prior to discussing any family law matter, our firm will conduct a conflict check to confirm the availability of the firm for legal representation. For family law matters, including but not limited to Separation Agreements, Divorce, Child Custody, Child Support, Alimony, Equitable Distribution, and 50B Restraining Orders – DVPO – Domestic Violence Protective Orders, our attorneys charge a consultation fee, and hourly rates, and may require a True General Retainer to retain the firm/attorney.