July 3, 2019
There have always been couples who divorce later in life. But with an aging baby boomer population approaching the age of retirement, there has been an increase in what has been dubbed “grey divorces”.
According to a recent article in Law Times, there are different complexities to divorcing later in life. One aspect of the divorce process most older couples can avoid are proceedings related to child custody and child support. For most older couples, their children have reached adulthood and have started families of their own. This means the parents may not need to interact with each other again if they should so choose. They may have to see each other at certain family milestones with their children and grandchildren, but that would be at their discretion.
In cases where both parties in a divorce are around the same age, they may be able to avoid proceedings related to spousal support. They may be at their peak earning capacity, and therefore have little difference in incomes as to not warrant substantial spousal support payments. But the state of their health could be another significant financial matter. For some couples, insurance companies provide coverage to married couples only. If a couple divorces, this support may need to be supplemented somehow.
If you are close to the age of retirement and considering separating from your partner, it’s best to consult a family lawyer experienced with the challenges older couples face in divorce proceedings. He or she will be able to help you identify your legal rights and protect your financial interests.