Put simply, a Grey Divorce, is any divorce for individuals over 50 years old or for individuals who have been married for more than 25 years.
Having done Grey Divorces for several years, what I found online was a lot of vague descriptions and misinformation. In reality, a Grey Divorce operates similarly to any other divorce with a few caveats.
First, as with any divorce, the divorce action itself is really just a legal way to divide assets that were earned during the marriage. If have been married for a long time, then there are generally a greater number of assets to divide than in a shorter marriage. Your assets will include any real property you own; houses, and any personal property you own; bank accounts, retirement accounts, cars, pensions, televisions, couches, etc. Personal property is generally everything except for your house.
Second, you are trying to put an end of the marriage. In Virginia, there are two types of divorce: limited divorce and full divorce. Limited divorce is generally pursued where there is something really bad that has happened, abuse, neglect, or desertion. A full divorce is generally appropriate where the parties have been separated for at least one year, or six months if there are no underage children and a separation agreement has been signed. There are some positives and negatives for each type of divorce and figuring out which type of divorce is best for you, is a decision you and your attorney will make.
The easiest way, meaning cheapest and quickest, is to come to an agreement regarding the division of the assets and then file for a divorce once you and your spouse have been separated for a full year. This agreement can go by many names; property settlement agreement, PSA, marital settlement agreement, MSA, memorandum of understanding, MOU, or just agreement. No matter which name is used, the purpose is the same, to mutually agree on the division of all assets.
While you may be able to come to an agreement on the division of the assets, it is important to understand how to divide retirement accounts. Each type of retirement account; pension, military retirement, 401-k, Roth IRA, or traditional IRA requires a little different strategy to divide. Pension and military retirement are both calculated as a fractional share.
People are living much longer than they did even 50 years ago, and they’re healthier and active. A divorce at 55 or 60 isn’t the end. It’s often the beginning of a new and interesting chapter of one’s life and seniors are ready and willing to take action to pursue a more fulfilling life.
According to data compiled by the Social Security Administration as of 2016:
Divorced seniors are entering the dating scene at unprecedented numbers, looking for new opportunities to socialize and meet new people who share their interests. Online dating is surging in popularity for those over 50.
Women over the last 20-30 years have been in the workforce and led more independent lives. They’ve had or may still have a career, other than motherhood, and don’t have to rely on their husbands for money. Husbands are no longer the sole breadwinner in the family. Women have much more financial stability as they age. They have good salaries, retirement accounts, pensions, 401k accounts and are much more able financially to leave an unsatisfying marriage.
When younger couples divorce, the main issues are usually child custody and support, visitation, spousal support (alimony), and division of property. No matter why you’re seeking a divorce later in life, the fact is the longer a couple is married, the more complex the issues surrounding their divorce will be. The division of marital assets can be significantly more complex and complicated during divorce proceedings. The Commonwealth of Virginia is an equitable distribution state. That does not mean property is split 50/50. Equitable means fair, not even. It is important that you speak with an experienced Virginia family law attorney to ensure that your divorce gives you the new life you are planning for. Here are the issues and financial challenges a knowledgeable Virginia divorce attorney can work through with you:
As you can see, divorce issues for older couples are far more complex than issues a young or newly married couple face. If you are considering divorce as a senior citizen, it is important that you speak with an experienced Virginia family law attorney with expertise in senior divorces. Together, you and your attorney will carefully plan and prepare for all eventualities to ensure that you have the bright future you desire.
If you are facing separation and divorce, it’s time to get counsel. The top-rated attorneys at Melone Hatley, P.C. are here to help! Melone Hatley, P.C. is a family and estate firm serving Virginia Beach, Richmond, and Northern Virginia. Our philosophy is to provide all of our clients with the highest quality legal representation, innovative legal solutions, and unsurpassed dedication to customer service. Through our high standards, we strive to be a trusted resource to our clients.
We know from experience that a successful attorney-client relationship depends on our ability to understand your needs and objectives. For more information about child support, contact our Client Services Coordinator at 800.479.8124 or book your appointment online.
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