Gerry and Theresa are the lates example of a trend called “Gray Divorce”.  According to the Pew Research Center, the divorce rate for people over 50 has doubled since the 1990s.

Reports are that the couple had a PreNup.  This is especially important in a second marriage situation.  What types of things should go into a PreNup?

What are the special legal and financial considerations that make a divorce look a bit different for this age group?

1. Fewer if any working years ahead to make up a huge financial hit

2. Older people may need a bit more time to make alternative living arrangements.  

3. It is especially important to assess impact on your health and long term care insurance coverage

4. Important to revise your will, trust and advance directives in a divorce

Some separated couples such as former Mayor DeBlasio and Charline McCray have decided to continue living together.

What are some tips for couples in this situation?

When we are still legally married, our spouse has certain legal rights, including the ability to make life or death healthcare decisions. Once the decision to separate has been made, it is critically important to update healthcare and financial advance directives.  None of us would want our soon-to-be ex, calling the shots in a hospital setting or withdrawing funds from the bank.  

Also a good idea to change social media and financial account passwords

Another unusual aspect of the DeBlasio McCray announcement is their stated intent to date other people.  I would strongly advise couples in this situation to set some ground rules, to avoid awkward situations