Divorce rates have been steadily decreasing in the United States for a number of decades except for one demographic: Couples 50 years of age and older. So-called “gray divorces” are more common than ever.

According to the Centers for Disease Control and Prevention, the national divorce rate has hovered between 2.3-2.5% per 1,000 throughout the 2020s so far. In comparison, the divorce rate for those over 50 hit 10.3% in 2023. The divorce rate for couples 65 years of age and older hit an even higher rate of 15% in 2022. 

Why would older couples, who are supposed to be settled and either approaching retirement or already deep in their “golden years,” suddenly seek a divorce, perhaps after decades of marriage? The trend cannot be attributed to one factor alone. Instead, the surge in gray divorces is related to a combination of social and economic changes, including:

• Increased life expectancy — People are living longer, so they no longer consider 50, 60 or even 70 as the end-stage of life. Older couples in unhappy marriages may now be starting to reconsider the idea of remaining where they are for another 20 or 30 years (or even longer).

• Greater financial independence for women — In the past, financial dependence upon their husbands kept women in unsatisfying marriages. Now, many women have their own incomes and retirement plans, giving them the ability to leave relationships that make them unhappy.

• Changing social attitudes — Divorce used to be stigmatizing for both men and women. Today, divorce is no longer seen as unusual, and the fact that is commonplace gives many people implicit permission to follow suit.

• Social media’s influence — Social media creates a world where personal fulfillment is a priority. While some people may be chasing an idealized version of life, others find community and support that empowers and encourages them to walk away from spouses and relationships that are toxic, abusive, constraining or simply unfulfilling.

Even though the emotional dynamics of gray divorce are akin to those involved in any marital breakup, the legal and financial issues can be very different. 

One of the main concerns in gray divorce is the division of assets. Couples who have been married for decades may have accumulated substantial resources together, including pensions, 401(k) plans, IRAs and other retirement funds. Dividing these accounts, along with real estate, collections, savings and other assets, often requires financial guidance. 

Financial experts may need to be involved to help couples understand the tax consequences of the division of assets and each party’s future income needs. Unlike younger couples, individuals divorcing later in life have limited time to rebuild their savings. The transition from a shared household to separate finances can significantly affect their retirement planning and future lifestyles.

Healthcare planning is also critical. A spouse who relied on the other’s employer-provided health insurance may face challenges obtaining affordable coverage until Medicare eligibility begins. Divorce can also affect eligibility for certain Social Security spousal benefits and long-term care plans.

For those considering divorce after age 50, it is critical to recognize that the stakes can be significantly higher than in earlier-life divorces. With guidance from a skilled divorce attorney, however, you can navigate the transition while protecting your financial stability. 

Chan & Associates is a Lancaster, provides skillful, compassionate counsel to Pennsylvanians who are going through a divorce, advising on all related financial considerations.. Please contact us online or call 717-869-0015 to schedule a consultation.