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Gray divorce may give older New York residents new beginnings

The desire to start fresh in life can hit at any age. As a result, many older New York residents may find themselves considering ending their marriages in order to pursue happier lifestyles. Gray divorce has become more common in individuals age 50 and older, and the number of divorces in older couples has doubled in the last 25 years. 

Reports stated that, in 1990, five out of every 1,000 marriages of couples 50 years or older would end in divorce. In 2015, that number increased to 10 out of every 1,000 marriages. Though younger individuals are still divorcing at a higher rate than their older counterparts, the divorce rate has only slightly increased in the same amount of time as the 50 percent uptick for older couples. 

Though the ending of any marriage can have certain issues, gray divorces often pose more financially detrimental concerns. Because older individuals are approaching or have passed retirement age, they may find themselves having a more difficult time adjusting to their new financial situations. Therefore, older parties may wish to closely examine their assets and potential settlement terms in order to protect themselves financially.

The decision to divorce can sometimes be a long time coming, and for older individuals, the idea of starting a new chapter of their lives as single people may seem exhilarating. However, they may wish to fully prepare for their divorces in order to ensure that they are putting their best foot forward. Enlisting the assistance of experienced attorneys could help interested New York residents determine their best courses of action.

Source: miamiherald.com, "Baby boomers are getting divorced in record numbers", Ana Veciana-Suarez, March 10, 2017

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