Gray divorce is a newer term to describe divorce between older individuals. It also encompasses some general situations that may not apply in a divorce between younger people.
Sometimes, you may be in at an age where you are unsure if you are going through this type of divorce. Business Insider explains generally if you are over the age of 50, your situation is a gray divorce. However, your situation may not fit the typical mold, which means the approach may be different. It can help to know where your divorce falls.
Gray divorce gets its name from the gray hair of older adults. However, that is not a requirement. The main requirement is that you and your partner are over the age of 50.
You probably have been together for many years. You may be both quite near retirement and not have any minor children.
The main reason why you want to identify if you are going through a gray divorce is that it will help you narrow down the issues you need to address. They will differ from a younger couple ending their marriage.
You will need to pay closer attention to the division of retirement assets since you are closer to that time. You probably will have little to no separate property to worry about, but you may have inheritances to consider, which usually qualify as separate property.
Other important concerns include health insurance coverage and the potential for spousal support. The court will not leave one of you without the ability to get medical care or support yourself, which could lead to large support awards.
You may not have to worry over child custody, but the issues in a gray divorce can still be complex. Knowing you are going through a gray divorce can help ensure you understand what issues you may face.