CHAPTER 3
Grey Divorce Grey divorce is the growing trend among the older generation to part ways. People divorcing over the age of 50 increased by 25% between the years 1991-2006. This is likely partly due to divorce becoming more socially acceptable and women becoming more financially autonomous. There has been a levelling off since then but the actual number of people in the 50+ range has risen substantially as a result of the baby boomer generation and people living longer. The divorce process for this group remains the same as any other group but there are other considerations that can come into play for the 50+ bracket. Health issues, mental capacity and/or physical conditions can be important considerations. Issues of power of attorney, elder abuse, pensions and estate planning may have to be considered as well. The whole economic analysis is very much different for people in their 20’s, 30’s and 40’s than what we see for people in their 50’s, 60’s and 70’s. It is best practise to have a financial divorce professional clarify the true picture of retirement. A wife may not have been in the workforce for a while and, therefore, need assistance grasping the full impact of keeping the matrimonial home. Even when it is paid for she might not have the income to keep up with substantial repairs if needed. Buyouts look very different at this stage of life. Having a trusted voice to listen to at this time is often crucial to help make decisions. Reverse mortgages can be a solution. Some people misunderstand how they work. It is well worth your time to discuss this option
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