Gray divorce in New York

Divorce is never an easy process, but when you’re ending a decades-long marriage it can be even more emotionally and financially challenging.

There has been an increase in the number of older couples filing for divorce after being together for most of their lives. In 2010 Al and Tipper Gore announced their intention to end their 40-plus year marriage, and in the celebrity world Danny DeVito and Rhea Perlman surprised their friends and fans by going their separate ways after 30 years.

This trend, known as “gray divorce,” has been attributed to an overall change in attitude toward divorce itself. It no longer carries a social stigma, so people over the age of 50 who have been in an unhappy marriage for years feel encouraged to make a change that would have been social suicide decades earlier. Another catalyst is the fact that more contentious divorce issues aren’t as likely to be a factor in a gray divorce: any children will be adults or older teenagers, so child custody, visitation, and support are not a source of conflict and litigation.

These older couples face their own unique problems upon divorce, however. They can have literally decades worth of assets and liabilities to divide, including pensions and 401ks. The longer the marriage lasted, the more intertwined their assets become. Examples of such property are:

• Real estate
• Loans
• Investment accounts
• Inheritances that may have contributed toward marital expenses

Although the personal property of each spouse prior to the marriage is not subject to distribution, any increase in value of that property can be split, and calculating that value can require expert input.

Many of these marriages were originally celebrated during a time when one spouse (usually the wife) stopped working in order to raise a family. By the time the divorce action is initiated, that person has been out of the workforce for decades and will have to become self-sufficient at an age where job skills and education can more difficult to obtain. For example, a 65-year-old homemaker who has not worked in over 40 years needs a different type of divorce settlement than a 25-year-old in the same situation.

Health insurance is another gray divorce concern. Those aged 50 to 65 can find it difficult to obtain affordable coverage after being under their spouse’s plan for so many years. The Consolidated Omnibus Budget Reconciliation Act (COBRA) can qualify a person for ongoing coverage under their ex-spouse’s group plan for up to three years, but they or their former spouse have to pay out of pocket for the premiums.

If you and your spouse are planning a gray divorce, you face a set of challenges that younger couples do not. Whether you were the primary breadwinner or dedicated your life to raising the children and keeping house, it is important to seek the advice of an experienced New York gray divorce attorney. Your attorney will guide you through all stages of the divorce process and help you prepare for a financially secure and independent future.