A gray divorce generally just means that the couple splitting up is further along in their lives. Many people use it to refer to a divorce when someone is 50 or older, for example. Some studies have found that the divorce rate is going up for those over 45 and that it has tripled for those over 65, so gray divorce cases are becoming more common.
In some ways, these cases are often simpler than a divorce that happens when someone is in their 20s or 30s. A big part of the reason is that younger divorces often involve children, and there may be many disagreements over child custody rights and arrangements. But if someone is getting divorced in their 60s, even if they had children together, those children are likely no longer minors, so child custody issues do not apply.
The financial side
That said, many gray divorce cases are also high-asset divorces. People in this age bracket have had longer to accumulate wealth. This may mean that they naturally own more assets like businesses, real estate, homes, investments, collections, retirement benefits and much more.
This can complicate the divorce significantly. A young couple with a net worth of $10,000 does not realistically have that many assets to divide, but an older couple with a net worth in the millions may run into major disagreements about marital property, separate property and how ownership should be divided. They also have to consider complex assets, such as how to split up retirement benefits using a qualified domestic relations order.
From a financial standpoint, gray divorces are often more complex, and it is very important for couples going through this process to work with an experienced law firm while looking into all of their rights and obligations.