The impact of divorce can be drastically different depending on particular spouses’ circumstances. For some people, moving on after divorce is relatively easy. Professionals during their prime earning years, particularly those without children, may be able to divide their property and move on relatively quickly.
Others may find that the obligation to divide their resources and pay for divorce drastically alters their financial circumstances. For example, people contemplating gray divorces in their 50s or beyond are often worried about how property division might affect their financial stability during retirement.
Are gray divorces subject to different rules for asset distribution during divorce?
The law is the same regardless of marital circumstances
State statutes do not impose different property division rules for different circumstances. Instead, the law is broad enough for judges to interpret it based on the details of the situation. Every married couple has the option of settling property division matters on their own.
If they cannot, then a judge applies the equitable distribution statute to the marital estate. The goal is a fair outcome, but what is fair can be vastly different in a gray divorce than in a divorce involving younger spouses. For example, a judge may consider the significantly reduced earning potential and unpaid contributions of a stay-at-home spouse facing the end of a 35-year marriage when dividing assets.
How a judge ultimately divides marital property and financial obligations can be drastically different from one case to the next. Details about the marriage and the perspective of the judge influence the outcome of litigated property division proceedings.
People preparing for a gray divorce often benefit from setting specific goals and focusing on the future throughout property division negotiations. Understanding the law and the marital estate can help people better navigate the complexities of a gray divorce.