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Gray divorces need special consideration

A gray divorce is one that involves people over the age of 50. They may both have children who are now adults, and they may have substantial assets to consider.

Gray divorces are becoming more common over time. Imagine being with someone for 30, 40 or even 50 years. There's a chance that you may want to separate or that you've had different life experiences that set you against one another. Whatever the reason is, these divorces are more common than ever before. Statistics show that around one out of four people who divorced in 2010 were over 50.

What's the highest risk factor for a gray divorce?

Surprisingly, it's not age, and it's not major life transitions, like kids moving out of the home. Instead, a gray divorce is more likely if one of the two people have been divorced in the past. For anyone over 50, the rate of divorce for people who have remarried is around 2.5% higher than those who are still married to their first husbands or wives.

The good news is that wealth does help protect against gray divorces. A lack of resources doesn't necessarily lead to divorce, but those who are divorcing tend not to have college degrees or to be working. Unemployment (not retirement) is shown to be a cause of divorce for many older couples.

Why is it important to work with an attorney on your gray divorce?

The main reason is because of the complexity. Your divorce might have decades of assets, paperwork and factors to consider. Your attorney will give you information on what you need to bring to your consultation and the documents you need to gather to start the process of separating your assets.

It's very important for people going through a gray divorce to be cautious with their finances. A blow to your financial security at an older age can be harder to recover from. That's why the goal should be to work together, if possible, to resolve your divorce disputes and to separate your property. If you can do that, you both may be better off in the end.

You can also choose to seek out a valuation of your assets, which will help you properly assess what they're worth and what you should be asking for upon divorce. Your attorney will give you more information on the steps you need to take to divorce in Colorado while protecting your interests.

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