Divorce rates among couples over the age of 50 have more than doubled since 1990. A study by the Pew Research Center links the climbing grey divorce rate to the baby-boomer generation, which saw high rates of divorce when baby boomers were younger.
Researchers say there are many factors, including people growing apart, living longer and seeking independence after their children are grown as well as the stigma of divorce no longer being a big concern.
Finances are the primary consideration
When divorcing later in life, spouses must consider the following financial challenges:
Spousal support: When determining alimony, consider a spouse’s total compensation, not just their salary. This includes:
- Bonuses and stock options
- Ownership stakes and executive compensation packages
- Car allowances and other perks
Marital assets: Ohio is an equitable distribution state, meaning all assets acquired during a marriage will be “equitably” divided, but that doesn’t mean it will be a 50/50 split. Pre-marital assets are usually not included.
Inheritances: If one spouse receives a gift as part of a will distribution, it is usually not considered a marital asset. However, it can still affect your divorce settlement.
Social Security: Spouses are entitled to receive an equitable share of their former partner’s benefits earned during the marriage. The amount will likely affect alimony payments.
Life insurance: If a spouse is paying alimony, they may also be required to have a life insurance policy in effect equal to the total alimony amount.
Pensions and retirement accounts: Private or government pensions earned during a marriage can be considered a marital asset and subject to division.
Seek compassionate legal advice for grey divorce
Divorce among partners who have been married for many years can be a traumatic event for the entire family. An experienced family law attorney here in Ohio can guide you through the process in a caring and professional manner. Your attorney will protect your rights and work to get you the settlement you deserve or fight for you in court if litigation is necessary.