A Brighter Future For Your Family

Gray divorce can be challenging for people going through them

On Behalf of | Jan 29, 2025 | Divorce

Just because you’ve been married for decades, you may think that your marriage is solid. Unfortunately, that’s not always the case. People sometimes divorce later in life, which is known as a gray divorce. If you’re going through this situation, you should ensure you’re ready for some of the more challenging aspects. 

One of the benefits of going through a gray divorce is that you may not have to worry about child custody matters. Instead, your primary legal focus will likely be on asset division. 

Dividing property in a gray divorce

The marital home and retirement accounts are likely the largest assets that you’ll have to divide. The home may be sold so both parties can split the funds that remain after the mortgage is paid off. Alternatively, one party may buy the other out with cash or an exchange of property.

When you planned for the retirement accounts, you likely based those on supporting a single home. With the divorce, the funds meant to support a single home will have to support two homes. There’s a chance that dividing these accounts could result in the revelation that you have to return to work, which can be hard to handle.

It’s best to make logical decisions as you work through this process because what you do now can impact your future. It may be best to work with someone familiar with gray divorce so they can help you determine how each option may affect you, better enabling you to make appropriate choices.