A recent New York Times Article from October 31, 2015, cited a growing trend in Family Law. “Late-life divorce (also called “silver” or “gray” divorce) is becoming more common, and more acceptable. In 2014, people age 50 and above were twice as likely to go through a divorce than in 1990, according to the National Center for Family and Marriage Research at Bowling Green State University in Ohio. For those over 65, the increase was even higher.” At the same time, divorce rates have plateaued or dropped among other age groups.
Several factors were cited for the increase in “Grey Divorces”. The number one factor is the changing status of women. According to the American Association of Retired Persons, women initiate about 60 percent of divorces after the age of 40. Women no longer tie status with being married. Moreover, women have more insight into the reality of their marriage and are not willing to put up with situations that are no longer satisfying to them emotionally.
Other factors for the increase in divorce are the fact that people are living longer and that the stigma surrounding divorce has lessened.
Although older couples may not have to deal with child custody issues, they often have more assets to divide, making it even more important to consult with financial and legal advisers before starting the process of separation of divorce.