Gray divorce refers to the phenomenon of older couples getting divorced, a trend that’s on the rise. This is especially relevant in Florida, where a greater-than-average older population resides.
The increasing prevalence of gray divorce has several significant impacts, both on society as a whole and on the lives of the divorcees. In several aspects, gray divorces have different ramifications than divorce among younger couples.
Why are gray divorce rates rising?
There are multiple factors at play, but the rise in divorces among older people is mostly a cultural phenomenon.
As the baby boomer generation ages, they bring their groundbreaking acceptance of divorce. Boomers are far more likely to have previously had a divorce than previous generations. And that same tolerance for divorce is driving up rates among older married couples today.
Impact of gray divorces
Gray divorces tend to have a larger impact on the lives of the divorcing parties. Older people divorcing are less likely to be currently working, contributing to a greater likelihood of increased financial troubles post-divorce.
Even when older divorcees are still working, the divorce usually is closer to retirement age. And that means that older divorcees have less time to optimize their life plans toward the new reality of their post-divorce financial outlooks.
Retirement savings are a result of long-term planning, often between a couple. And when that couple divorces, it can throw those retirement plans into uncertainty. Many couples divorcing late in life find themselves scrambling to adjust to a retirement plan that’s no longer sufficient for the lifestyle they’d envisioned for their later years.
Gray divorce is on the rise, and it’s a situation with its own complications and issues. Understanding the unique problems gray divorce presents is crucial to safeguarding your financial well-being.