Silver Divorce

This is a divorce involving spouses in their fifties or older. For years, there has been an increase in the number of elderly couples divorcing in America.

Common Reasons Why Couples Divorce Later in Life

There are reasons why one or both spouses wish to file for divorce. However, there are specific typical reasons why couples go through a gray divorce. Here are a few examples.

• Financial Reasons
• Health Problems
• Empty Nesters or Empty Nest Syndrome (e.g., children leaving their parents to attend University or take a job that is far from them)
• Retirement
• Falling out of love
• Infidelity

Challenges After a Gray Divorce

Undergoing a gray divorce is not easy. If the couple wants to proceed with the divorce, they must overcome several obstacles. But they might experience two main hurdles: financial stability and health issues.

Financial Stability

In the early decades of your marriage, you have this financial goal of being stable before you retire – enough to support your lifestyles. Also, if you are not yet retired, there is a chance for income growth due to promotions and other side hustles that you may do simultaneously. But after you reach retirement age, you must survive on a fixed income.

So when you undergo divorce, you must split up your assets. You will have to determine who gets what after the divorce. For example, one of the spouses is awarded your house while the other has to find a new home. 

Health Issues

Given that both spouses are at a susceptible age for medical concerns, going through a stressful divorce raises their chances of developing health problems. Moreover, the loneliness that each spouse may experience after divorce may cause severe anxiety or depression, leading to various mental health concerns.

Division of Assets

Wisconsin is a marital property state, which is similar to a community property state. A community property state presumes that most property earned or gained during the marriage is owned equally by both parties. As a result, unless the parties agree differently or unusual circumstances arise, the property split must be equal.

You should note that the 50/50 rule is not absolute. This implies that a spouse can argue in court, asking for a different outcome. A court may differ from the equal distribution standard if it deems it is justified. Moreover, in determining whether to take that route, a judge can consider several factors, including but not limited to:

• The length of the marriage.
• Separate properties that both spouses brought into the marriage
• Separate income of spouses
• Age and health of both spouses
• Community and Separate debts
• Prenuptial agreements

It is vital to note that retirement benefits are considered marital property and are subjected to division in a gray divorce. This is important to highlight since some people who are in their 50s are dependent on their retirement benefits. Moreover, the division of retirement benefits is complicated and often not equal for both of you.

Divorce Alternatives

Knowing the risks and challenges you may face in undergoing a divorce in your 50s, and you might have reconsidered taking another path. The following are the options that you can take besides divorce:

Trial separation

As the name implies, this refers to you and your spouse living apart for a trial time while you decide whether to divorce or reconcile. Regarding property ownership, the same legal requirements apply as when you are married, meaning that everything acquired during the separation is considered marital property.

Legal separation

When a trial separation fails, the couple might choose between divorce and legal separation. Legal separation happens when a couple lives apart without the aim of reconciling, but not divorced. Once the judge grants the legal separation petition, you are still legally married to your other spouse. Still, the debts and assets acquired during the separation will only be entitled to the spouse who earned or received them.

Remember that these solutions may not be appropriate for you because you may have a different goal in mind or situation, which is okay. Other than the options stated above, there are more you can pursue. It is best to speak with a Wisconsin family lawyer about your other choices other than divorce.