The Grey Divorce
As the baby boomers age and their marriages fall apart, unique issues must be dealt with in the divorce. The “Grey Divorce” is relevant to a marriage in which one of the spouses is 55 or older.
If the parties have been married more than 10 years, the issue of claiming against the social security of your spouse is an issue. Social security planning should be discussed at the time of the divorce. Funding a buyout of a property settlement with a reverse mortgage can also work for older adults. If spousal maintenance is an issue, then the date that is reasonable for the payor to retire is often litigated. Estate planning for the adult children can often play in to some agreements between the spouses to settle these matters to their satisfaction. If the parties have not yet become eligible for Medicare, continued health insurance becomes a very important issue, especially with the current high cost of health care.
Be sure to discuss all the above issues with your divorce attorney and accountant to maximize the monies available to both parties at the end of your marriage.