Increase in Gray Divorces Lead to New Challenges
Couples of any age go through divorce. However, gray divorce has skyrocketed, more than doubling in the past two decades. Research shows that women will feel the financial effects of a gray divorce more than their male counterparts. If you are facing a divorce, you may have questions about how a gray divorce will affect you.
What is Gray Divorce?
Gray divorce refers to the demographic of couples who divorce over the age of 50 and who are typically part of the Baby Boomer generation. In 2010, one in four people were over the age of 50 when they got divorced. Couples going through a gray divorce can expect their individual household wealth to decrease by up to 50 percent.
Why are Gray Divorces Devastating?
The primary reason why gray divorces are so devastating is because of the lack of time to build yourself back up financially after the divorce. It is also more difficult to find a job later in life, which makes it even more difficult to improve your financial situation. When couples get divorced, expenses such as a mortgage or rent become your responsibility. This can be difficult when these expenses were once shared with your spouse. If couples over age 50 have adult children and grandchildren, a divorce has the potential of affecting them financially and emotionally.
Reasons for Gray Divorce
The reasons for gray divorce include:
- Financial issues: Reasons for financial issues include a spouse who does not know how to manage finances or a spouse who has spending issues. If a married couple has debt issues, that can also put a strain on their relationship. If one spouse is the primary breadwinner and makes all the financial decisions, that can cause tension within the relationship.
- Infidelity: Infidelity may also be a reason for gray divorce. It is not uncommon for older, married individuals to find people other than their spouses attractive. This may lead to infidelity issues.
- Growing apart: It is common for older couples to grow apart and decide that divorce is the best option. Some couples choose to stay together for the sake of their children and then divorce after the children are grown up.
- Alcohol or drugs: Substance abuse can be a serious threat to any marriage. A spouse who has been in a long-term relationship with someone with a substance abuse problem may finally decide that they had enough.
Bucks County Divorce Lawyers at Freedman & Lorry, P.C. Represent Clients Going Through a Divorce
Divorce affects couples of any age, but gray divorce comes with its own set of challenges. If you are going through a divorce, contact a Bucks County divorce lawyer at Freedman & Lorry, P.C. Our experienced lawyers will fight for your rights and obtain the compensation you deserve. For a free consultation, contact us online or call us at 888-999-1962. Located in Philadelphia, Cherry Hill, New Jersey, and Pinehurst, North Carolina, we serve clients throughout Pennsylvania.