Gray divorces are not uncommon in California, although those going through the proceedings may think their situation is atypical. A gray divorce involves an older couple ending their marriage. The marriage need not last decades before heading towards a gray divorce. Older people in a second or third marriage might still suffer from problems that dissolved the original unions. Or, the marriage could be one that survived many challenges, but the couple grew apart over time, leading to divorce. And a divorce involves more than dissolution. Financial matters become necessary to address as well.
Asset distribution and support
Spouses don’t necessarily have the same income levels, and educational and work experience histories may vary. One spouse could be more reliant on the other during the marriage for financial stability. Things might change drastically after the marriage ends, so one spouse might seek alimony to cover living arrangements.
The court will also review settlement agreements or decide on property division. Even a fair division of assets could leave one spouse facing an uncertain financial future. That spouse could seek a reasonable alimony amount to cover living expenses.
Child support might become a critical aspect of negotiations in a few cases. Older couples might have dependent children, and child support could be necessary to cover various expenses. Without child support, both an ex-spouse and the child could struggle needlessly.
Matters beyond the divorce
Both spouses may need to make adjustments even after signing a final divorce decree. A new life might require a new budget, or else financial strains might become crushing. Single life or even remarriage could involve changing spending habits.
Estate plans may require drastic revisions after a divorce. Removing an ex-spouse and adding a new spouse and any stepchildren may be necessary. Reviewing beneficiary designations on life insurance policies and financial accounts could become a priority as well.
