In Georgia and across the United States, "gray divorce" is becoming more than just a trend. A study out of Bowling Green State University recently predicted that by 2030 the numbers of those seeking a post-50 divorce could reach 800,000 a year. Even some longstanding celebrity couples have decided to divorce recently, including Danny Devito and Rhea Perlman, who had been married for 30 years.
As with celebrity divorces, gray divorces sometimes mean high-asset divorces because the couple may have had more time to accumulate wealth. 66 percent of divorces among those aged 40 to 69 are initiated by women. Experts agree that baby boomers are reevaluating their marriages after children have left the nest.
Though divorce can be a challenging process, with a proper understanding of some of the results to expect, it can sometimes be made less difficult. The court will divide the property of the couple seeking the divorce after it has excluded property acquired prior to the marriage, along with gifts and inheritances. The court will examines each party's economic circumstances and financial plans for the future to reach an equitable distribution of non-excluded property. Parties to a divorce can also amicably agree on the division of certain property, but if they are unable to agree the court will be required to intervene and make a determination.
The court can also determine spousal support obligations, also known as alimony. Spousal support should be determined according to the unique facts of the marriage and the financial circumstances of the parties. Issues relating to spousal support may become more complicated when a divorce involves mature couples.
Fortunately, the complexity of late life divorces will often be offset to some degree by the fact that child custody and child support issues are less likely to apply. Although every divorce presents certain challenges, an experienced family law attorney can help smooth the process.