There was an article in Davie Town Times (one of our local news magazines) written by attorney Evan Baron on the subject of "Gray Divorces". For those of you who aren't familiar with that phrase (as I wasn't), it refers to baby boomers that are getting divorced later on in life. Here are a couple of statistics coutersy of Mr. Baron:
*Overall divorce rate over the last 20 years has declined.
*Divorce rate amongst couples over age 50 has doubled in the last 20 years.
Mr. Baron attributes the greater divorce rate to increased life spans, and the issue of people's mortality and wanting to enjoy the latter part of their lives. Unfortunately the person they married 30 years ago isn't the person they want to share the rest of their experiences with.
We know that with divorce comes real estate transactions. While children are usually the most significant issue in divorces amongst younger couples, the finances is the biggie in gray divorces. Property, which is usually the largest asset, often has to be sold; even if one spouse stays in the home, the other obviously has to find a place to live.
This is when we can be of help as real estate professionals. Unfortunately more and more of my listings are brought in due to divorce, so we're getting really familiar with how to deal with them in our office, and I'll tell you that it takes patience and a lot of compassion for both spouses to get through it. Despite the frustration that can come along with it (not always...we have one couple now that are still the best of friends), the reward of helping two people move on with their lives at the end of the transaction is awesome.