As life expectancy increases and our society’s norms change, more couples over 50 are choosing to end their marriages. This trend, known as “gray divorce,” has increased in Virginia and across the nation.
Why are more couples over 50 divorcing?
Gray divorce is becoming more common for several reasons:
- Longer life expectancy: People live longer, which means spending more years in retirement. Some couples find they have grown apart and want different things in their later years.
- Changing societal norms: Divorce no longer carries the same stigma it once did. Older adults realize the need to pursue their happiness, even at the expense of ending a long-term marriage.
- Financial independence: Many individuals, especially women, achieve financial independence later in life. This can make them feel more secure in leaving an unsatisfying marriage.
- Empty nest syndrome: Couples might realize they have little in common when children leave home. This realization can lead them to seek new beginnings separately.
Virginia’s divorce laws, such as equitable distribution of property, can impact how assets are divided, influencing some individuals’ decisions to divorce.
How does gray divorce impact finances?
Going through a gray divorce involves several financial challenges:
- Retirement accounts: Splitting 401(k)s and IRAs can be complicated.
- Social Security benefits: Your ex-spouse may qualify for benefits based on your work record.
- Alimony: Long-term marriages might lead to spousal support payments.
- Property division: Virginia’s distribution laws require a fair, but not necessarily equal, division of assets.
Virginia courts look at factors such as how long the marriage lasted and each spouse’s financial contributions when deciding on property division and spousal support.
How can you protect your interests in a gray divorce?
Ending a long-term marriage involves a lot of emotional and financial challenges, and you need to understand your rights as well as your options to protect your interests. Legal support can provide valuable guidance on property division, retirement benefits and spousal support. They can help you navigate Virginia’s divorce laws and ensure a fair settlement that secures your financial future so you can move forward confidently into the next chapter of your life.