In today’s modern world, gray divorces are becoming rampant compared to the divorces among young couples. Many later-in-life divorces are simple to resolve in family law courts since they usually involve no child support obligation as the children are probably grown. However, you may still require a lawyer to defend your legal and financial rights in a gray divorce, especially when it is a high net worth divorce.
A skilled and compassionate gray divorce lawyer in The Woodlands from Bolton Law will put a lot of effort into creating enduring connections with clients. When you contact us about your case, rest assured that we will fight for you in court if we cannot reach an amicable divorce agreement.
You may rely on our legal staff whether you’re considering divorce or are already going through the process. From the beginning to the end, we’ll be by your side every step of the way. Contact us now at 281-351-7897 to discuss your case!
What Is a Gray Divorce?
When the expression first appeared, it denoted a man and a woman who decided to divorce after marrying for at least 40 years. The term gray was used to describe an adult who had been married for so long.
Nowadays, gray divorce refers to the high divorce rates among baby boomers, regardless of how long they’ve been married or their nationalities.
How Is a Gray Divorce Different From Other Divorces?
The parties of a gray divorce are nearing or have achieved retirement age. These days, divorces are increasingly common, especially among baby boomers. A gray divorce differs from a young couple divorce in the following ways:
Splitting of More Property
Older couples might not need a custody arrangement because they don’t have young children anymore, but they might have a lot of assets to divide. They may live together in a house where the mortgage is fully paid off, or they may have saved six or seven figures for retirement.
High-net-worth divorces are often contentious. If money is spent or hidden, it can be a severe issue in a gray divorce. Distinguishing between separate and marital property is usually more complicated in a gray divorce.
Substantial Differences in Economic Circumstances
A senior couple may have highly diverse financial situations for each member. One partner may possess significantly more property than the other because they have acquired more knowledge. After a gray divorce, a dependent spouse who hasn’t worked in years might not be able to get a new career or pick up new skills.
In cases where one older spouse possesses a significant number of assets than the other, there might be potential alimony or spousal support situations. The one who receives the retirement benefits may have to donate some of them to the other spouse if the pair cannot agree on how to solve their family issues or divide such benefits.
Additionally, the court considers how long a couple has been married when determining alimony.
Children no longer reside with their parents in a gray divorce. Typically, they are all grown-ups by now and have departed to find employment or begin their own families. Thus child support isn’t typically an issue.
Younger children often struggle to express which side of a divorce they support. However, older children can. Gray divorce may impact the family more than divorce at a younger age due to how adult children behave.
Typically, younger couples are more likely to remarry after a divorce as they are still young and have much time to socialize. Consequently, this is not the case with a gray divorce. At this time, both of you are probably too old to think of getting into another relationship. After all, your previous one has just failed.
What Are Some Considerations During a Gray Divorce?
When divorcing at an old age, you have different issues to deal with in the process compared to a couple divorcing at a young age. Below are some of the considerations to make:
The possibility of evolving your income source objectives is an essential factor to consider. For instance, if you had listed your spouse as the beneficiary to receive money from a life insurance policy or a retirement plan, you may need to cancel that during a gray divorce.
You probably saw your family house as your most expensive possession as a young couple. Unknown to you, a retirement account is sometimes the most costly item as you grow old. This can sometimes become a problem in a gray divorce, especially if you believed that you had enough retirement money only to learn that your account will be divided in half.
Additionally, you are becoming weaker as you age. Thus, you may be working for fewer hours and earning less money. As a result, you might be forced to continue working even after retirement after a gray divorce.
Health and Insurance
You become more prone to health complications as you grow old. For this reason, you might need to make new arrangements regarding the health and insurance of your spouse. This is an extra cost that can even further constrain your funds. Additionally, your spouse may decide to take revenge by adding unnecessary details on health insurance, caregiving, and long-term care insurance in the divorce decree.
Sometimes, the court may impose either permanent or temporary alimony, depending on the demands of one spouse and the other spouse’s financial capacity. It may also grant rehabilitative alimony to any spouse who wants to develop talent and obtain the education or training necessary for particular employment.
Family and Children
Parenting arrangements and other legal requirements are more likely to be in place for couples with children under 18. Co-parenting, on the other hand, is more of a gesture of good faith in a gray divorce.
No matter how old the kids are, many of the same advice still applies. For example, it’s recommended to refrain from criticizing the other parent in front of the children. It places the children in the center and forces them to choose a side. You should consider whether you can still spend holidays together as parents and, if not, what other options there might be for the kids.
Additionally, consider how, when, and where to inform the kids of the divorce. Depending on the circumstances, you might want to choose a school for your kids, pay different fees, and share time with bigger kids who might have ideas about what they want to do with their time.
If the children in your gray divorce are old enough to make good decisions, i.e., they have attained the legal age, child custody, visitation, and maintenance concerns might be less critical.
Mental Capacity Issues
It is pretty stressful to get involved in a gray contested divorce. On the other hand, it is more horrible to stay in an unhappy marriage for a long time. However, the scenario can leave you depressed, sad, anxious about your health, and unable to get along with your adult offspring. It also leads to a loss of a long-term dream for the divorcee.
Do I Need a Gray Divorce Lawyer?
Most people have been with their partners their entire adult lives, making gray divorces particularly difficult. Both spouses may struggle financially, emotionally, and socially as a result. They will likely remain in contact after their divorce because they shared friends and raised a family together. They might attend weddings, grandchild births, get-togethers with friends, or have visits from extended family members during holidays.
You might learn from your gray divorce lawyer in The Woodlands that divorces between parties over 50 are more likely to be amicable than divorces between parties under 50. In most cases, divorcing older couples can negotiate a reasonable settlement. This is because child custody disputes are uncommon, and divorce cases make it simpler to look at the big picture.
Gray divorces are complicated to navigate on your own. Most individuals would prefer not to spend money on a lawyer. Still, a reasonable family law attorney employs tactics that enhance the result, reduce the danger, and increase the likelihood that everyone will get along in the long run. After all, the pair will be together for a long time and share friends and relatives.
Some of the issues our gray divorce lawyers in The Woodlands will focus on are:
- Altering your retirement plan
- Dividing the assets and liabilities as per the law and your prenuptial agreements
- Advising you on the suitable negotiation strategies as they will have a lasting impact on relationships with your partner, children, other family members, and friends
Contact an Experienced Gray Divorce Lawyer in the Woodlands, TX
Calling a reliable divorce attorney should be your first step if you wish to file for divorce. The family law attorneys at Bolton Law have a great deal of experience concerning gray divorce and the associated legal challenges.
Our attorneys will provide you with an outline of the procedure, address any questions, and discuss any concerns you might have at your initial consultation.
Call us at 281-351-7897 to arrange a consultation if you’re ready to discuss filing for divorce with a gray divorce lawyer in The Woodlands.