Gray divorces describe individuals who choose to get a divorce after the age of 50. These later-in-life divorces present unique issues. For one, the spouses tend to be more mature and better able to navigate their divorces peacefully and respectfully. Also, these spouses will have more assets to divide, since they've been working and saving for longer as a married couple.
Because gray divorcees are better capable of reaching agreement, and because property division can be complicated, many spouses turn to divorce mediation as a great way to finalize their divorces out of court.
3 important benefits of mediation for those who divorce after 50
Divorce mediation saves money: Spouses over the age of 50 may be saving for retirement, or they might already be retired. Every penny saved later in life is vital for one's future financial security. By considering the costs associated with different divorce options, divorce mediation is the clear winner:
- Collaborative law divorces can cost from $25,000 to $50,000.
- Litigated divorces can cost from $75,000 to $150,000.
- Contentious and drawn-out litigated divorces can cost from $200,000 to much more.
- Mediated divorces can cost between $5,000 and $9,000.
Divorce mediation is faster: No matter your age, the faster you can get your divorce over with the better. Here is a comparison of the different divorce options in terms of time. Again, mediating a divorce is much better:
- Collaborative law divorces can take from eight to 18 months.
- Litigated divorces can take from two to three years.
- Contentious and drawn-out litigated divorces can take even longer than three years.
- Mediated divorces can take from four to five months.
Mediated divorces are less stressful: No matter what kind of divorce you choose, it will be stressful. However, a mediated divorce will reduce these stresses. With a mediated divorce, you will do less of the following:
- Less writing letters
- Less making phone calls
- Less writing emails
- Less arguing
- Less meeting to discuss issues
- Less teleconferencing
- Less decisions and stress regarding the legal process
Are you ready to mediate your gray divorce?
If you're ready to restart the second half of your life through divorce, and you want to divorce more cost-effectively, faster and more peacefully, mediation is probably the answer. Make sure to investigate the various benefits and advantages of divorce mediation and decide for yourself if this process is right for you.