The Gray Divorce: Handling a Late-Life Split
The Rise of Senior Splits
One of the rising trends in divorce today is the late-life split. This is also called the gray divorce or silver divorce. These divorces are occurring at a startling rate in today’s baby boomer population. Attributed to things like women no longer being economically dependent on their husbands and the online dating revolution, which has made it easier for anyone to start over, even at 50, late in life divorces are changing the idea of the typical divorce.
The differences between a gray divorce and a typical divorce are few, but they are important ones. With the kids gone and your working years winding down, there is a lot less to fight about in divorce. What are left are assets, and these mean everything to someone facing a new single-life in their senior years. Other common issues unique to gray divorces include dealing with retirement funds and pensions. These can be difficult assets to split, especially if you are already receiving a retirement income.
It is very important to approach a gray divorce strategically. If you or your spouse are already retired, issues like alimony may be difficult to work out. Your best bet if you are contemplating a late in life divorce is to find someone who can work with you and your spouse personally while you negotiate through the financial aspects of divorce. A lot is at stake, especially if you don’t want to have to return to work. You may want to work with a divorce mediator who can guide you through the process. A skilled divorce mediator may also be able to call in some trusted financial experts, such as a tax planner, who can help you best manage your assets and help ensure your financial futures are stable.
Divorce mediation may be a good option for you if you are contemplating a gray divorce.
Planning for your future is much more immediate in a gray divorce, which makes the process of dividing assets and debts all the more crucial. Mediation allows you to stay in control of what happens to all your assets and lets you make all the important decisions. Mediation is particularly well-suited to handle the division of significant or complex assets. Your divorce can be what you want it to be, without having a judge decide for you. Mediation is also much less stressful than taking your divorce to court and can be done more efficiently.
Do you have questions about late-life divorce? If so, Mediation Advantage Services can help you. Experienced in divorce mediation, Polly A. Tatum can help you and your spouse preserve your future security in divorce.
Based in historic Worcester with a satellite office in Northboro, MA, our firm serves all cities and towns throughout Massachusetts and Worcester County including, Auburn, Paxton, Leicester, Sutton, Grafton, Shrewsbury, Westboro, Northboro, Southboro, Holden, Sterling, Princeton, Worcester, Charlton, Millbury, Dudley, Spencer, Brookfield, Sudbury, Natick, Framingham, Hopkinton, Milford, Blackstone, Leominster, Fitchburg, Acton, Jefferson, Barre, Oakham, Cambridge, Newton, Marlboro, Lancaster, Bolton, and Hudson.
Call our office at (508) 795-1557, fill out our online form, or email us at [email protected] today to schedule your Complimentary Mediation Success Planning Session. You can also sign up for our eNewsletter or download our free e-book for more information regarding divorce in Massachusetts.