SILVER DIVORCES: They are more common than you think.
A silver divorce, also identified as a divorce for those over fifty and married a substantial amount of time, can have a number of reasons. During my practice as a family law attorney, I represented several clients with marriages over 25 years and one, in particular, comes to mind that had lasted 48 years until the divorce. You would think that if a couple could make it to 48 years, the rest would be easy, but such is not the case for a lot of couples.
Silver divorces are the fastest growing segment of the U.S. population for divorces. This is also true in other countries like England, India, and Japan. I know that sounds shocking, but let's consider for a moment the reasons for such a statistic.
For most, the children are grown and on their own, so now is the time for the couple to enjoy their retirement years. But there is at least one big problem or maybe more for the unhappy couples: they don't really like each other anymore. For many, they lost touch years ago during the child-rearing phase of their marriage and have not reconnected. They find that they have nothing in common. A difference in routines, annoying habits, or a difference in values could be the cause of the demise of the marriage. Or health issues may hinder one spouse while the other is still heathy and active, making it difficult to enjoy their life together. Baby boomers that married in the sixties and seventies may not feel that they have lived their best life and see now as their last chance to do so. Because of longer expected lifetimes, many couples want to make the best of their final years instead of living the drab, dull, lifeless existence of the past thirty years or so.
Newly divorced seniors can easily meet new partners online if they want. There is also an entire industry now to help seniors socialize and meet like-minded partners. And finally, the stigma of divorcing is no longer a problem for these seniors as it might have been in their younger years. The prevalence of divorce has removed such stigmas in most communities.
Long term divorces, however, bring their own set of unique issues. This is especially true when the parties are both in or near retirement. A retirement financial plan that anticipated funding one household for several years will now most likely have to fund two households after the divorce. This would be especially true where one spouse did not work during the marriage or where one spouse became prematurely disabled. This can cause major problems for the divorcing couple if resources are limited or the assets are divided according to an equitable basis instead of an equal basis. These are all questions to address before going forward with a silver divorce.
All divorces, silver and non-silver, cause financial issues for the parties and can cause new issues surrounding housing, transportation, insurance coverage, even in some instances money for basic needs. But these issues are even more important when they are encountered by seniors and those not in a position to overcome the deficits caused by the situation.
