We all expect that when we get married, it will last forever. It does, about 50% of the time. The other half of the time, the marriage eventually ends before one of the parties dies. The divorce may happen after just one year, or maybe the marriage lasts for five years, 10 years, 20 years, or perhaps even 40 years before the couple decides to part ways. In the past, a couple that stuck out their marriage for 20 years would pretty much stay together forever. This is no longer the case. Many Ohio residents are getting divorced later in life. In fact, divorce over 50, also known as gray divorce, is seeing an uptick across the world.
Reasons for Gray Divorce
There could be countless reasons why a couple would want to divorce later in life, but some of the most common reasons include:
- Working women. In the past, money was a huge barrier to divorce. With many women working nowadays—and some even earning more than their husbands—finances are not as big of an issue.
- Empty nest syndrome. Children tend to leave the home when a couple is in their 50s. This may bring about a new chapter in their lives. What do they do now? They look at their lives and figure out that staying married just isn’t in the cards.
- Longer lives. Life expectancy has increased significantly just in the last century. One hundred years ago, in 1922, it was under 60 years old. Today, it’s almost 80 years old, with many people living into their 90s and even surpassing 100 years of age. Because of this, couples in their 50s are realizing that they don’t want to spend possibly 30-40 more years with someone they can no longer stand.
What You Need to Consider
If you decide to divorce later in life, there are a few things to consider:
- Retirement. In a divorce, you will essentially have to cut your assets in half. How will this affect retirement? Will you have to delay your plans?
- Sources of income. What does your income stream look like now? What will it look like in 10 or 20 years? Consider that you may have to pay alimony in a divorce. How will this affect your finances?
- Family. It’s possible you may still have minor children that you’ll have to support. Even if your children are grown, you’ll want to think about how your divorce will affect them.
Contact Us Today
Divorce is never easy, especially if you are older. You may no longer have minor children, but you likely have a lot of assets as well as retirement on your mind, and a divorce can impact that. How will your finances fare in a divorce?
Gray divorces tend to involve significant assets, which can be challenging to split. The Columbus divorce lawyers at Lawrence Law Office can guide you through the process and help you understand your legal rights. To schedule a consultation, fill out the online form or call 614-228-3664.
