Reassessing Gray Divorce in 2020
It is a new decade, and Floridians continue to file for divorce. Many of those Orlando residents are nearing retirement, or have already reached their retirement years. Given the high number of older adults in Orlando and throughout the state, it is important to understand some of the unique issues facing Florida residents in “gray” divorces. While the term gray divorce has been used for a number of years now to refer to seniors who file for divorce, the new decade offers an opportunity to reassess and reconsider the important issues in a Florida gray divorce. In 2020, what do you need to know about gray divorce in the state? An article in Yahoo! Finance raises some questions and issues that we want to address.
Rates of Gray Divorce Continue to Rise (and Will Continue to Do So)
Do not expect a shift in the rate of gray divorces in 2020 or throughout the decade. As the article underscores, gray divorce has become particularly common in the last few years, and experts anticipate that the overall rate of gray divorce will continue to rise. As more adults in the Baby Boomer generation reach retirement years, a portion of that large population will file for divorce. Accordingly, rates of gray divorces will continue to rise.
Finances Probably Will Take a Hit
As in the past—and with all divorces to some extent—a gray divorce will have financial implications. Given that many older adults are already retired, going through a divorce may result in a financial need to return to the workforce and difficulty rebuilding a financial profile.
Divorced Couples May Want to Consider Delaying Retirement
If you are considering a gray divorce and are in your early 60s, you may want to consider delaying your retirement. Spending more time in the workforce could allow you to regrow some of your retirement savings after your divorce.
Ex-Spouses May Be Eligible for Social Security and Medicare Benefits
It is important to remember that, going forward, ex-spouses still may be able to collect Social Security and Medicare benefits as a result of just one spouse’s work history. Indeed, if the marriage lasted for at least 10 years and the individual seeking benefits is 62 or older, that former spouse may be eligible for benefits.
Less Stigma with Gray Divorce
As we move into the new decade, research shows that there is less stigma attached to gray divorce compared to previous years. While many seniors who filed for divorce in the past felt socially judged or even ostracized by friends in long-term marriages, the increasing rate of gray divorce likely will result in a shift. Indeed, as more older adults file for divorce, the overall stigma associated with divorce (and gray divorce specifically) will also decrease.
Contact an Orlando Divorce Attorney
Planning for a gray divorce can be frustrating and complicated, but you should remember that an experienced Orlando divorce lawyer can help with this complex process. Do not hesitate to get in touch with an advocate at our firm to learn more about how we can assist you. Contact Anderson & Ferrin to learn more about the services we provide to older adults in Florida who are thinking about filing for divorce.