What do Melinda and Bill Gates and MacKenzie and Jeff Bezos have in common? You may respond that they are ultra-rich billionaires, but another correct answer is both couples experienced a gray divorce. Over the next few weeks we will be exploring gray divorce and its impact on aging couples.
What is Gray Divorce?
Have you heard this term yet? If not, you will likely be hearing it soon, as it has become quite a phenomenon. Gray divorces are divorces involving spouses over the age of 50, and who are typically members of the Baby Boomer generation. Divorce rates have doubled since 1990 for adults over 50 and tripled for adults aged 65 and older. In addition, 34% of adults who divorce over 50 have been married more than 30 years. These are astounding statistics!
At Hurley Elder Care Law we have seen the impacts of gray divorce on some of our clients. There are many financial implications, especially for women. There are also often public benefits and estate planning concerns. We have learned we must be ready to guide our divorced clients through a host of legal and planning considerations to prepare for their future long term care needs.
Exploring Gray Divorce
Because of our experience with an increasing number of gray divorce clients, we thought it would be helpful to dedicate the next couple of weekly blogs to exploring gray divorce and issues you should be thinking about if in this situation. You are likely wondering, “why are the numbers of gray divorce cases increasing?”
Reasons for Gray Divorce
Several of the main reasons people give for divorcing later in life is the change in stigma of divorce over the last few decades. Also, life expectancies have increased which leads some to decide they don’t want to stay in an unsatisfactory marriage for the remainder of their life. In addition, some people also chose to wait until their kids are out of the house or the financial incompatibility of the couple is beyond repair.
In our upcoming blogs, we will explore the economic insecurity experienced by many gray divorce women. We will discuss retirement benefits and how to maximize social security payments. Divorce and re-marriage are certainly causes for you to take the time to have your estate plan re-visited. Your beneficiary designations and powers of attorney should be changed as soon as possible.
Divorce is one of the 5 “Ds” we mention regularly that requires a visit with one of the experienced attorneys at Hurley Elder Care Law. Please call us today at 404-843-0121.
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