Gray divorce refers to a separation of those age 50 or older and it can be challenging to tackle. Here’s how to approach a gray divorce.
Gray Divorce Realities
Gray divorces have become increasingly popular, by more than 50% within the past 25 years. Often carried out due to lifestyle changes, financial discrepancies, retirement, dissatisfaction or falling out of love, or the recurring trends of past divorces, gray divorces happen later in life. First, a gray divorce must be handled legally.
Filing a Divorce in California
The process of filing for a divorce, whether gray or not, is an extensive process. The procedure for handling a divorce is uniform, and all steps must be carried out. Maintaining correct grounds for divorce and gathering appropriate documentation to serve the divorce are two key components to filing (especially in gray divorces).
Related: How to File for Divorce in California
Grounds for Divorce in California:
- Irreconcilable differences result in an irremediable breakdown of the marriage
- Incurable insanity
Gray divorces may be viewed as more complicated than typical divorces, often involving a life-long collection of funds, accounts, and real estate.
Related: Divorce FAQs in California
How to File a Gray Divorce
Choosing the right way to proceed with a divorce can smoothen the process.
For spouses struggling to meet a fair conclusion but seeking a drama-free divorce, mediated divorce offers a way to settle divorce conflicts outside of court with a mediator, who can help spouses draft a divorce settlement agreement.
Spouses who agree to divorce terms outside of court may file an uncontested divorce, sometimes called a do-it-yourself (DIY) divorce), to eliminate expensive legal or mediation fees.
A contested divorce involves a judge decreeing a court order between two disputing spouses.
Defaulted divorce occurs when one party files for divorce and the court summons are ignored by the opposing party.
In divorce arbitration, comparable to an in-court trial, an arbitrator (maintaining a law degree) will communicate with both parties and decide on a divorce agreement. Arbitration involves a third party but maybe the cheapest and least invasive.
What Makes Gray Divorce Complicated?
Parties involved in gray divorce often have many aspects to consider when separating. Oftentimes, spouses with years of marriage have a lot of assets to split. While spouses over the age of 50 most likely will not have to determine custody agreements (as their children are over the age of 18), gray divorce offers a plethora of specific considerations to be accounted for, such as:
- Real estate → Determining properties and their costs
- Retirement Funds → Separating joint accounts or IRAs
- Insurance Policies → Individualized insurance will need to be purchased for each party
- Financial Separation → Splitting bank accounts, credit cards, etc.
Situations once handled conjointly will now be divided equally between spouses, often a long process as both parties may be determined to receive their fair share of the assets. Finding ways to proceed, economically, emotionally, and socially, will be a reality after a gray divorce.
Related: How to Handle a Gray Divorce in California
How Will My Finances Be Impacted by Gray Divorce?
Understanding the necessary processes may be important when divorcing later in life. Determine the status of insurance, financial accounts, real estate, and retirement funds. Both spouses may experience a great deal of economic change throughout a gray divorce, as they navigate the reality of individual responsibilities. Understanding how to manage funds, insurance, mortgages, retirement, etc., is a skill that must be learned. Another factor to consider is Social Security Benefits one may be entitled to after divorce.
How Do I Know if I am Eligible for Social Security Benefits?
Social Security benefits through an ex-spouse’s previous earnings may be available to an individual:
- marriage longer than 10 years
- at least 62 years old
- not remarried after divorce
- Whose ex-spouse is able to receive Social Security retirement or disability benefits
- Whose determined Social Security benefits are less their ex-spouse’s
Life After Gray Divorce
Divorce is a very taxing process, oftentimes getting the best of individuals. Considering the different approaches towards filing for divorce and finding the one best suited for you and your partner’s situation is a priority. Whether coming to an agreement individually or with outside help, the division of each individual’s belongings can be tricky. Understanding one’s financial, emotional, and future realities can result in a long divorce process. Finding support during and after the process will help both parties get back on their feet after the split.
Contact Us
If you or a loved one would like to know more about gray divorces, get your free consultation from one of our divorce attorneys today!