It’s becoming increasingly common for older couples 65 years of age or older to get a divorce. Here, we discuss gray divorce. Laurie Israel of Market Watch points out a Pew Research study that illustrates the doubling of divorces for people 50 years of old and the tripling of divorces for those 65 years of age or older, many of these marriages lasting 30-40 years.
Of course, with the modern age with rising advances in technology, there are even dating apps and websites available for these older crowds. Many of these older individuals remarry.
Due to financial concerns and security, many of these older individuals are considering the possibility of having a prenup with the new spouse. For this gray prenup, according to Israel, one of the planning issues is “how to address the financial well-being of the new spouse as well as the desire to leave assets to one’s own children at death”.
A benefit of a gray prenup is that it can be used to strengthen and solidify an estate plan, allowing the couple to decide the exact percentage they want to leave to each other or to children from prior marriages.
Another benefit of a gray prenup is allowing the couple to specify and give details to their children.
A third benefit of a gray prenup is that it can directly help with dividing retirement accounts at the point of death, between the surviving spouse and children from prior marriages. Beneficiary rights to retirement assets such as the 401K and 403B plans – in reference to the surviving spouse.
There are many more benefits to going through a gray prenup. Gray divorce has becoming a rising trend and, at Southern Oaks Law, we’re here to help. Family Law Attorney Taylor Fontenot specializes in divorce law cases, and understands the need to listen and empathize, while providing practical legal advice and high-quality representation. You’re not alone in your time of need. Call Taylor today.