Gray divorce is a term used to mean people who get divorced when they are 50 years old or older. This often means that these individuals are grandparents. They do not have to consider the same child custody questions that younger parents may when their children still live at home, but that doesn’t mean there aren’t any complications. It’s important to think this through carefully.
For instance, how is the divorce going to impact estate planning or saving for retirement? Younger divorcees may not have started either of these processes yet, but grandparents likely have. They need to know how their assets will get divided and what it is going to mean for their financial future.
They also have to consider the impact of blended families if they get remarried. They could now have two sets of grandchildren on each side. This can create many possibilities, but it also raises questions. Once again, it could change the nature of their estate planning or the schedule on which they see their grandchildren.
A final thing to note is that divorce among this age group is on the rise. It is falling for most age groups, but this is the exception. It’s important for grandparents, adult children and even their grandchildren to be aware of this possibility and to think about what it could mean in their life.
Additionally, grandparents who split up want to do it with a great deal of care. They need to understand their legal options, consider every decision they make and think about how these decisions may impact their families at large.