A “grey divorce” is a term that is often used to refer to a divorce involving individuals who are over the age of 50 and who have been in a long-term marriage. Grey divorces are becoming more common, as the divorce rate amongst people in this cohort has been increasing in recent years.

There are several factors that may contribute to the increasing trend of grey divorces, including:

·         Changes in societal attitudes towards divorce, which have made it more socially acceptable for people to end their marriages later in life;

·         The fact that people are living longer, healthier lives, which may make them more likely to consider starting a new chapter in their lives; and

·         Increased access to others, though the connection and meeting of people online.

Grey divorces are often complex, as they involve issues such as the division of significant assets and the need to make new financial and retirement planning decisions. In most cases, the division of assets upon divorce has an impact on an individual’s estate plan. For example, if a spouse is entitled to receive a significant portion of the other spouse’s assets upon divorce, this may affect their ability to leave those assets to their beneficiaries through their current will. This is why it is imperative to revisit all estate planning documents, such as wills, trusts, and powers of attorney following a divorce.

If this is not done, the divorce can significantly affect the beneficiaries of an estate, resulting in an unintended change to the distribution of the estate assets. Therefore, individuals going through a divorce would be wise to review their estate plan and make any necessary updates to ensure that their testamentary wishes can, and will, be carried out following a divorce.

Thank you for reading and have a great day!

Suzana Popovic-Montag & Geoffrey Sculthorpe