On behalf of Stange Law Firm, PC posted in High Asset Divorce on Wednesday, June 14, 2017.
Gray divorce is on the rise in Missouri and other states. It has nothing to do with hair color or the sky. It does, however, have to do with how old a person is when he or she files for divorce. The term has been applied to those severing marital ties after age 50. In a high asset divorce, this can present significant challenges because the later in life divorce is filed, the more financial issues and property division problems there tends to be.
Some may wonder why someone would make it to their 50th birthday, then get divorced, especially if a marriage has lasted 25 or 30 years or more. Answers would likely vary if couples seeking gray divorces were surveyed. Many, however, cite lack of personal fulfillment in life and loveless marriages as their main reasons.
By the time a couple has been married for more than a decade, they typically co-own many different assets. Some are business partners while others may own several vacation properties, etc. There are also couples with extensive art collections or invested interests overseas. All these factor into the equation when it comes time to divide assets in court.
Missouri residents age 50 and beyond may need a little extra guidance when it comes to protecting their rights and interests in a gray divorce. A great asset to have on hand in such circumstances is an experienced family law attorney. Arranging a meeting to discuss financial and asset issues is a good first step to take when considering a late-in-life high asset divorce.
Source: womansencore.com, “The “Gray Divorce” Phenomena: Tips for Coping with Divorce after 50“, Accessed on June 14, 2017