Gray Divorce, Part I: What is it and Why is it Happening?

What is Gray Divorce?
“Gray Divorce” is a phrase coined to describe couples getting divorced after the age of 50. More and more couples over the age of 50 are choosing divorce. Between 1990 and 2010, the baby boomer generation (those born between 1946 and 1964) saw their divorce rates double while other age groups’ divorce rates plateaued or even decreased. We have personally seen this statistic play out in our practice. In today’s blog post we discuss some of the reasons for the increase in gray divorce and what you need to consider financially as a divorcee going through a gray divorce.

Why the increase in Gray Divorces?

• Researchers say that the primary reason we’ve see an increase in gray divorces is that divorce has become more accepted by society and less taboo. Since the 1970s, divorce laws have become less restrictive and “no-fault” divorce legislation (like we have in North and South Carolina) has been introduced and passed in the United States.
• Women’s financial independence has become more common. Women’s independence has similarly been strengthened through legislation passed since the 1970s, including legislation permitting women to independently apply for and qualify for credit cards.
• People are healthier, live much longer after retirement, and want to enjoy that time with someone they love and enjoy being around, which often isn’t their spouse.
• Couples may postpone divorce until after their children are grown. Couples experience “empty nest syndrome” and do not know how to live together once their focus is no longer on their children.
• While the baby boomer generation’s first, long-term marriages are increasingly ending in divorce, there is an even higher divorce rate for remarriages (second or subsequent marriages). Researchers found that the divorce rate for remarriages was 2.5 times higher than first marriages! Once someone gets divorced once, it is typically easier for them to end their next marriage in divorce again.
  

 Stay tuned for next week's blog post about the factors to consider in a gray divorce. If you are considering a “gray divorce,” please reach out to our office to seek guidance on your unique situation.  

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