Gray divorce typically refers to the divorce of those who are 50 years old and above. The statistics show that this has been increasing in the United States, despite the decline in the overall divorce rate.
One of the most challenging aspects of the marital dissolution process is figuring out how to disentangle assets. This is especially true for those who have retirement accounts, as it is not uncommon for people to make mistakes when splitting these types of assets. Here are a couple of important tips for dividing retirement assets during a divorce proceeding in Colorado.
Being married over 20 years has made you appreciate your spouse in many ways. They've generally been there for you and provided for you when you needed support. You did the same.
If you've reached your 50s or 60s and decided that you want to get a divorce, your divorce is what's called a gray divorce. A gray divorce, named for the general hair color of people who are older, is one that involves people over the age of 50.
Divorce can be tough for married couples regardless of their age, but for some people the divorce process can be especially challenging. For example, those who are much older may have a hard time dealing with various legal, emotional and financial issues related to the end of their marriage. If you are an older adult who is considering the idea of divorce or determined to end a toxic marriage, it is crucial to be aware of the different options on the table and take steps to work toward a better future.