What Is Gray Divorce In North Carolina?
Gray divorce is another term for divorce later in life. Typically, this includes people divorcing at age 50 or older. The gray divorce rate in America has been rising since the 1990s, as the divorce rate for all other age groups has been falling.
The divorce attorneys of Ellis Family Law, P.L.L.C., proudly represent North Carolina individuals divorcing later in life. Attorneys Gray Ellis and Autumn D. Osbourne are board-certified specialists in family law, designated by the North Carolina Board of Legal Specialization. Our entire team has decades of combined experience and is uniquely situated to assist those facing complex divorces. With offices in Durham, Pittsboro and Wake Forest, we represent those in Durham, Chatham, Orange, Wake, Granville, Alamance and Person counties.
What Makes Gray Divorce Different?
As gray divorces happen later in life, most couples will not need to consider child custody or child support – two areas of high contention in other cases. With these divorces, any children involved may now be adults and out of the house.
However, getting divorced close to retirement age will likely introduce unique financial challenges. Key factors to consider with gray divorce may include:
- Dividing shared retirement savings accounts
- Separating shared assets and properties after potentially decades together
- The potential for spousal support or alimony in longer term marriages
Typically, couples divorcing later in life have accumulated more assets, making property and asset division high stakes. How to divide retirement accounts and pension plans will likely be the biggest challenge. A qualified domestic relations order (QDRO) can detail how to divide retirement plan assets fairly between spouses.
Another consideration for those divorcing will be how to adjust their retirement plans. Divorce may set back retirement plans for a few years or if an individual has already retired, they may require financial guidance on adjusting their lifestyle to fit their new financial reality.
Why Is Gray Divorce Becoming More Common?
Gray divorce numbers have been climbing for years and today, divorce is much more common for baby boomers compared to other generations. Many factors contribute to this trend but one main reason for this is that the negative stigma previous generations held about divorce has largely been erased over time. On top of that, many married couples prioritized raising children together. As such, becoming empty nesters is a common cause of divorce filings.
Contact Our Gray Divorce Attorneys
We can assist with complex divorces, using our knowledge and experience to uncover customized solutions. If you face a gray divorce or high-asset divorce in North Carolina, contact the attorneys of Ellis Family Law. Contact us online to reach us at our Durham, Pittsboro or Wake Forest offices, or call 919-944-4811 (Durham) or 919-891-8838 (Pittsboro) to schedule a consultation.