Insights into Grey Divorce and Generational Divides

Divorce is never easy, regardless of age or financial circumstances. In Florida, a state known for its vibrant mix of retirees, young families, and working professionals, divorce trends vary widely across generations.

At TK Law, we are uniquely qualified to help individuals navigate the unique challenges of divorce, including the complexities of “grey divorce,” or divorce after 50, due to our experience in assisting individuals and families with a wide variety of legal issues including divorce, family and estate planning, and conflict resolution.

Divorce in Florida: A Snapshot of Generational Divorce Trends

Individuals are shaped by their unique values, life stages, and circumstances. For individuals going through divorce, we see that each generation experiences divorce differently:

1. Silent Generation and Older Seniors (Aged 78+):
   • Divorce rates are lower for this group. However, separations later in life require careful consideration of health care, estate planning, and end-of-life decisions (usually with the assistance of family and friends).
2. Baby Boomers (Aged 59-77):
   • Baby Boomers have experienced the highest number of divorces of any generation with a significant increase in recent years. See, https://www.aarp.org/home-family/friends-family/info-2023/gray-divorce-trend.html
   • Many are now part of the growing grey divorce trend, as individuals and couples reassess priorities after years or decades of marriage.
   • Issues include dividing significant marital assets, allocating retirement accounts, and updating estate plans.
   • Another, less direct concern for this generation is the impact that divorce will have on children and families that may feel the need to provide input.
3. Generation X (Aged 43-58):
   • Gen X is navigating divorces while balancing careers, caring for children, and preparing for retirement.
   • Common concerns include child custody, spousal support, and splitting long-term investments.
   • Be careful, for Generation X, retirement is around the corner and age differences, earning capacities, and costs of living become very important to consider.
4. Millennials (Aged 27-42):
   • Millennials are contributing to the overall decline in divorce rates, as they marry later and prioritize financial stability before tying the knot.
   • Divorce for this generation often involves fewer assets but increased concerns about co-parenting and career impacts.
   • For Millennials, what is fair is often seen as what logistical and practical limitations exist given the parties resources and ability to remain flexible.

Grey Divorce: A Closer Look

Florida’s senior population accounts for more than 20% of its residents, making the state a leader in the number of grey divorce cases filed in the United States. This trend of grey divorces is fueled by longer life expectancies and changing social norms, with older couples choosing to prioritize personal happiness and independence over the social norms of growing old together.

The phrase “life is too short” is often used as people make the decision to plunge into single life after age 50.

Challenges in Grey Divorce

1. Division of Long-Term Assets:
   • Retirement funds, pensions, and real estate accumulated over decades must be carefully evaluated and divided.
   • Consider capital gains/ losses and other tax concepts as they may impact who takes what assets.
2. Retirement Security:
   • Divorce can significantly impact retirement plans, requiring adjustments to income strategies and Social Security benefits. Instead of splitting the pot together, individuals going through a grey divorce face food and housing insecurity as they age.
3. Health Insurance:
   • Seniors who previously relied on a spouse’s health insurance may need to explore Medicare or other private options.
4. Estate Planning Adjustments:
   • Wills, trusts, and powers of attorney often need to be revised to reflect new family dynamics. Many people do not want their former spouse or the dreaded “ex” to make decisions about healthcare decisions or having access to medical records.
5. Family Dynamics:
   • Adult children and grandchildren may have emotional or financial stakes in divorce. Although not directly involved in your divorce, their role in your life and in your divorce should not be understated.

Why Choose TK Law for Divorce After 50?

At TK Law, we understand the unique challenges of divorce for every generation, particularly the complexities of grey divorce. The reason we are “One Firm for Life” to our clients across Orlando and Central Florida is:

1. We Care:
   • Believe it or not, we find that our tireless dedication, commitment to results and the client first attitude of our staff and attorneys is the exception and not the rule. We prioritize communication and transparency every step of the way (even when we are giving you bad news that others may avoid).
2. Our Comprehensive Experience:
   • We excel in managing high-stakes cases involving the division of retirement accounts, estate planning, and complex emotional and financial issues associated with grey divorce.
3. Our Personalized Guidance:
   • Divorce later in life can feel overwhelming. Our team provides compassionate, client-centered support to help you navigate this transition with confidence. We hire and train professionals who want to help you. Our jobs are more about passion than they are about a paycheck.
4. Our Local Knowledge:
   • With years of experience in Central Florida, we understand what you need to protect yourself, now and in the future. Our lawyers are seasoned trial lawyers that will give you honest and clear input on your options both inside the courtroom and outside in a negotiation.

Protect Your Future: Contact TK Law Today

Divorce is a significant life event, but with the right legal partner, it does not have to define your future. You have the ability to write the ending of your story. At TK Law, we are here to provide the legal expertise and emotional support you need to move forward with confidence.

If you are considering a grey divorce or if you have questions about divorce trends in Florida, reach out to us today for a consultation. Let TK Law be your trusted partner in navigating life’s legal challenges. For more information go to www.OneFirmForLife.com because we are here for you, every step of the way.