Oftentimes in marriages, people grow apart or discover parts about themselves that no longer fit with the future of their spouses. Many of the situations end in divorce. While some divorces end cleanly and cordially, others end with confusion and unsettled issues such as the division of retirement funds and pension, Social Security benefits, high net worth, and more. These matters become increasingly crucial in grey divorce situations.
What is Grey Divorce?
Grey divorce is a phrase used to describe the demographic trend of the increasing divorce rates for older adults who have been married for many years. The data gathered from the 1990 United States Vital Statistics Report and the 2009 American Community Survey reports the following statistics regarding grey divorce:
- The divorce rate for people 50 years old and older has doubled in the past 20 years.
- Grey divorce has reached its highest rate ever on record.
- In 2009, over 600,000 people over the age of 50 got divorced.
- About 53% of adults over the age of 50 now filing for divorce have been divorced at least once before.
What Will Happen To the Shared Finances After Grey Divorce?
Because grey divorce involves adults over the age of 50, the following matters become extremely crucial during the process:
- Retirement funds and pensions
- High net worth
- Social Security benefits
That is why it is extremely important to seek legal representation from an experienced divorce attorney right away. A knowledgeable divorce lawyer can examine your case and help you determine what assets you should receive during and at the end of the process.
Seeking Divorce? Contact Owenby Law, P.A. Today
The Jacksonville family law attorneys at Owenby Law, P.A. understand how difficult and confusing the divorce process can be. No matter what your age or what your circumstances may be, our team possesses the skills and experience to put an aggressive and relentless team on your side of the courtroom. Do not wait; let us help you today.
Call Owenby Law, P.A. and find out how we can make your future brighter and more enjoyable.