Couples who are 50 years or older going through a divorce (a gray divorce) typically have a different experience than those who divorce younger than that. While the legal process remains the same, some aspects change.
Here is how a gray divorce is different:
Focus shifts from child custody to financial issues
Many gray divorces involve adult children. So, they generally are free of child custody. The core focus of a gray divorce is usually financial matters (property division).
Child support is also rarely ordered in gray divorces. Even when the court orders the parents to contribute to a child’s post-secondary education, it’s legally different from traditional child support. Note that child support can still be considered in an Indiana divorce involving an adult child if the child is not yet 19 years old.
Property division can be complex
Property division can be complicated in a gray divorce, especially if the couple had been married for a long time, for instance, 20 years. Over the years, they may have accumulated a lot of assets, which can include real estate, retirement accounts (401ks, pensions, IRAs and so on), investment portfolios (stocks, bonds, mutual funds, etc.), vehicles, valuables and businesses.
Gray divorces also often involve long-term accumulated liabilities, such as mortgages, credit card balances, joint tax liabilities, medical bills, vehicle loans, business debts and co-signed student loans for adult children.
With all these in place, property division can be lengthy, especially with Indiana’s “one-pot” approach. Valuation of all assets and liabilities can take time. Besides, when a couple has retirement accounts that require a Qualified Domestic Relations Order (QDRO), this adds another step to the process.
Going through a gray divorce can be financially and emotionally complex due to decades of accumulated assets and life together. However, this does not mean you cannot make the process more straightforward to protect your interests.