Like many older couples throughout Michigan, you and your spouse have probably been in a partnership for several decades. Now, despite the children being out of the house and a number of grandchildren or even great-grandchildren, you may have decided that the connection is no longer there and you would like to experience life on your own. Although you may be thinking you are the only senior who feels this way, it is actually more common than you think. What is a grey divorce?
According to Forbes, despite a diminishing overall divorce rate in the United States, there has been a rise in the dissolution of marriage among couples in the second half of their lives over the past two decades. In fact, it has become so prevalent that it has coined the phrase “grey divorce,” which is a nod to the hair color of many of its members. It also signifies that there are concerns unique to older-age divorces, particularly compared to those facing younger couples who split.
This is especially true when you have amassed high assets together during the course of your marriage. It distinguishes a grey divorce from those that revolve around child custody issues and where it is often a struggle financially to set up two separate households. With college tuitions in the rear-view mirror and your mortgage long paid off, you may have accumulated significant financial investments, one or more vacation properties, an impressive art collection, high-end jewelry or other luxury items that now need to be addressed.
This information is intended for educational purposes only and should not be interpreted as legal advice.