Statistics show that the rate of divorce among adults ages 50 and up has been steadily climbing since the 1990s. According to a study conducted by the Pew Research Center, data from the National Center for Health Statistics and U.S. Census Bureau reveals that among Baby Boomers, especially those ages 65 and up, “the divorce rate has roughly tripled since 1990, reaching six people per 1,000 married persons in 2015.”
While divorce among aging couples is becoming exponentially more common, the process of gray divorce remains as complex and laborious as ever. The most burdensome consequence of divorce among older couples is the division of assets. When couples ages 50 and up decide to split, many fail to consider that their retirement funds will be split up and seriously diminished, owned businesses will have to be divided, one or both of them will lose their marital residence, new last wills and testaments will have to be created, and so on.
Since aging couples who pursue divorce typically only have adult children, gray divorce does not usually involve child custody. However, older couples will need to consider not only how their possessions, life insurance benefits, investments, etc. will be divided between the two of them, but among their adult children in the future.
Because total detangling of life and possessions becomes inevitably more difficult as couples age, gray divorce is almost guaranteed to be an emotionally, legally, and financially challenging process. However, our team at Bilodeau Capalbo, LLC exists to ease the strain by managing even the most complicated aspects of your divorce and working to ensure you are treated fairly, every step of the way. If you are 50 or older and are considering a divorce, don’t wait to begin protecting yourself, your retirement funds, and your future.
Call one of our experienced gray divorce attorneys in Rhode Island at 401-300-4055 or schedule a confidential consultation to begin building your case today.