Divorce can always be complicated, as each relationship has many unique dynamics that must be taken into account. Parents often run into complications when dividing custody of their children, for example, such as if they can’t amicably agree on an appropriate custody schedule.
For those at an older age, such as people going through a gray divorce, children may have already moved out of the house, so there are no custody issues to consider. But that does not mean the divorce process isn’t complex—it may actually be more complicated at this age.
Splitting up retirement benefits
For one thing, people who are getting a gray divorce are often nearing retirement age. They may be in their 50s or 60s, and they may need to determine how to divide investments or retirement accounts. If one person was earning a pension plan or receiving retirement benefits from their employer, the couple may need to use a qualified domestic relations order (QDRO) to divide these benefits after the marriage ends.
A greater accumulation of marital property
Additionally, couples at this age simply tend to have more marital property than they would at a younger age. They own homes and vacation properties, and they may be business owners. They have a significant amount of savings and tangible assets. For someone whose net worth may be in the millions, splitting up marital property can certainly be incredibly complex. It is also a common cause of disputes during the divorce process itself.
Because of these complications, it’s very important for those who are going through a divorce to understand exactly what legal steps to take.
