Articles Tagged with grey divorce

Published on:

baby boomer divorce ratesHas there been an increase in Baby Boomer divorce rates? Although time and practice make many endeavors simpler, that is certainly not the case in many marriages. Likewise, those who experience divorce in later years may find that it is one of the things that seems to get more complicated, not less so, after years of marriage. With the recent decline in divorces in the past decade, it appears divorce is a less likely option for many; this is simply not true when it comes to older Americans, among whom divorce rates have nearly doubled in recent years. Statistics show that more than one in four divorces in this country, in fact, involve individuals aged 50+. If you are one of them, a local divorce attorney can help you sort through the difficulties ahead.

Reasons For Baby Boomer Divorce Rates

According to this Market Watch article, Baby Boomer divorce rates are skyrocketing. Many older Americans find that marriage simply no longer suits them, and they look for a fresh start through divorce. Grey divorce, as it is often called, occurs for a variety of reasons:

  • The old classic: We have grown apart. Empty nesters often discover they no longer share common activities, goals, and dreams, making life together unsustainable.
  • Financial woes: After years of irrational spending decisions and poor investing, one partner decides to call it quits, frustrated with the never-ending bills and the stress of debt.
  • Aging at different rates: When one partner is no longer physically or mentally active, it can put a real strain on the relationship. When one partner chooses to let himself or herself deteriorate, it may become increasingly unpleasurable for the other to stick around.
  • Sex: Different levels of sexual interest may lead one partner to look elsewhere for physical satisfaction.

Baby Boomers Have Decisions to be Made

When it comes to the point that grey divorce is the final option, it is important to keep a clear head while making decisions related to how the divorce unfolds. Grey divorce may involve several pertinent issues that should not be overlooked:

  • Division of Property: After years together, it may be difficult to prove that particular items were the exclusive property of one partner prior to the marriage.  Since California’s community property laws exclude personal property that one person held prior to the marriage, this could prove to be an important issue.
  • Compensation:  When considering issues related to spousal support, earnings are a key factor.  It is crucial to consider all components of compensation, from the actual salary drawn, to stock options, travel incentives, bonuses, and other perks.
  • Expected expenses for adult children: Issues  such as tuition, marriage, and other significant responsibilities should be addressed in the divorce agreement.

Continue reading →

Published on:

grey divorceThe grey divorce rate for Americans has been on the rise in recent decades. As couples get older, there may be unique concerns if they decide to part ways. In addition to the usual financial and property division issues, health problems, promises to adult children and/or stepchildren, and retirement income are all of special significance.

Grey Divorce Rates for Americans

Grey divorce rates. While 10% of couples over age 50 divorced in 1990, 25% were divorcing in 2010. For couples in second and third marriages, the rates are even higher. Experts say there are two key reasons for this increase in gray divorce:

  • Changing attitudes about gender roles, dating, and divorce;
  • Empty nesting and other life changes that jolt couples into looking at their satisfaction in the relationship.

When divorce does become the road of choice for greying couples, what are the specific issues that must be considered?

Grey Divorce – When Competency is an Issue

If one party is found to be incompetent, several things might be necessary:

  • The medical findings must be verified by a doctor by examining medical records;
  • A guardian ad litem (GAL) may be appointed to represent the interests of the individual;
  • Third parties including adult children and financial experts may be consulted;
  • Issues regarding long-term care may need to be addressed;
  • Estate planning and promises made to family members (such as responsibilities for weddings and/or college) must be tackled;
  • The possibility of one spouse dying before the divorce is completed may need to be considered.

Long-Term Care Requirements in a Grey Divorce

In some cases, one or both partners may require long-term care to assist with physical and/or mental deficiencies. This can be costly:

  • On average out-of-home care runs nearly $9,000 annually;
  • When it comes to nursing home care, a semi-private room averages nearly $75,000 per year, while a private room averages well over $80,000 annually;
  • Home health care averages over $20 per hour;
  • Living in an assisted living facility can cost roughly $40,000 annually.

Estate Planning

Couples should also take a look at estate planning documents that may have been drafted in previous years. If one spouse dies during the course of the divorce, the other will inherit the entire estate. Another concern centers around power of attorney. Most divorcing couples would not want their former spouse making end-of-life decisions on their behalf. Beneficiary designations may also be worth taking another look, especially with regard to children and/or stepchildren.

Retirement Income

Because California is a community property state, retirement income may have to be equally divided. Decisions as to when and how to disperse these funds will have to be made. This includes looking at social security income.

Insurance Concerns

One party may no longer be eligible for the other’s health insurance following a divorce. How will this be addressed in the divorce settlement? Continue reading →

Contact Information