Many people assume that once a couple has made it to their 50s or 60s, they will remain happily married for the rest of their lives. Unfortunately, that is not true and people sometimes end up getting a divorce later in life. These divorces are known as gray divorces, and they are just as difficult as any other kind. However, they also have certain considerations that other divorces do not. Older individuals do not have the earning potential of people decades younger than them, and they have also usually amassed a larger amount of assets. Below are the many important issues anyone getting a gray divorce must consider ahead of time.
Dividing property in any divorce has its challenges, but it becomes particularly tricky in a gray divorce. This is because the couple has accumulated a great number of assets, and those have largely been mixed during the marriage, making it difficult to determine which assets are separate property and which are marital property.
Just like in other divorces, the marital home must also be divided in a gray divorce, and this is difficult for both spouses. It is often emotional for the spouse who must leave the home, as they have likely lived there for a long time. It can also be challenging for the spouse who remains in the home, as they may find it difficult to pay for the upkeep, property taxes, mortgage, and other household expenses.
People going through a gray divorce have usually been married for a long time. As such, alimony is often awarded, and when it is, it is often on a permanent basis. When a marriage ends and the couple is younger and has not been married for a long time, alimony may still be awarded, but it is usually on a temporary basis to allow one party to get back on their feet after the divorce.
Possible Life Insurance Obligations
If one party is ordered to pay alimony, the judge may also order them to purchase life insurance to ensure the other party will continue receiving alimony. Many people cannot afford this, particularly after a gray divorce, because life insurance becomes more expensive as a person gets older.
When a couple going through a gray divorce has children, those children are typically adults. As such, there are not usually child custody issues, but it is important that both parties understand that divorce can still be difficult for children. It is important to remember that and to try and minimize the impacts on them as much as possible.
Our Michigan Family Lawyers can Help With Your Gray Divorce
Like any divorce, gray divorces are emotional, and going through the process is difficult. However, those going through a grey divorce must face certain considerations that others do not. If you are about to get a divorce, our Clinton Township divorce lawyers at Iafrate & Salassa, P.C., can help. We know the challenges that gray divorces present and how to overcome them to secure the fair settlement you deserve. Call us today or contact us online to schedule a free initial consultation with one of our attorneys.