Gray Divorce in Massachusetts: Why Divorcing Later in Life Can Be Financially Different
Divorce at any age can require difficult decisions about property, finances, and the future. For couples ending a marriage later in life, however, those decisions can take on greater significance. After decades together, spouses may have accumulated substantial retirement savings, investment accounts, real estate, pensions, business interests, and other assets that must be addressed as part of the divorce. Often referred to as a “gray divorce,” a divorce involving spouses in their 50s, 60s, or older can present financial issues that are different from those faced by younger couples. There may be fewer concerns involving child custody or parenting schedules, but retirement planning, alimony, health insurance, Social Security, estate planning, and the division of assets can become considerably more important. For Massachusetts spouses considering divorce later in life, understanding these issues before negotiating a settlement can help protect their financial security for the years ahead. What Is a Gray Divorce? Gray divorce is an informal term generally used to describe divorce among older adults, particularly couples over age 50. It is not a separate type of divorce under Massachusetts law, and the same Massachusetts divorce laws that apply to other married couples generally apply to older spouses. What makes these divorces different is often the couple’s stage of life. A younger couple may have many working years ahead to rebuild savings, increase income, purchase another home, or recover from the financial effects of divorce. Someone divorcing near or after retirement may have far less opportunity to do so. As a