Boomers are finally leaving unhappy marriages after decades — and frequently failing to plan for these wealth-draining ‘little bugaboos and caveats’

They made marital breakdown mainstream in the ’70s with films like An Unmarried Woman and Kramer vs. Kramer. That was followed by peak divorce in 1980, with 22.6 divorces for every 1,000 couples. The divorce rate has been falling ever since, but not among boomers.

They’re still parting with partners in unprecedented numbers, a trend dubbed ‘gray divorce.’ Unfortunately, untying the knot in later life can lead to a new set of knots, particularly financially.

Jeff Judge, a founding partner of Chesapeake Financial Planners, counsels clients through those knots.

“There’s lots of little bugaboos and caveats, whatever you want to call them, that most people don’t know to look for,” he told Business Insider.

Here’s what’s behind the ‘gray divorce’ trend and the pros and costs of leaving a marriage in your senior years.

What’s behind the ‘gray divorce’ trend

Many boomers feel freer to divorce in later life, not just because their generation broke the taboo but because they no longer feel the need to stay together “for the kids,” if that was ever a concern.

Sociology professor Susan Brown is co-director of the National Center for Family and Marriage Research at Bowling Green State University. She told the New York Times that boomers want to fly out of their empty nest when their marriages feel empty too.

“This generation is living longer than prior generations, and that may be changing the calculus about whether you want to stay in a marriage that is not that meaningful anymore,” she said.

Among younger boomer couples in their 60s, it’s likelier that both spouses are working or, if retired, both had careers. As a result, partners (particularly wives) may feel more confident to fly solo financially.

Meanwhile, older boomers may feel a sense of urgency to live the best life they can. Lawyer Frank Perrone, a partner with Tarter Krinsky & Drogin in New York, told Business Insider he’s handling one case in which a couple in their 80s are divorcing and dividing their assets so she can travel and spend money and he can stay home.

“It’s very sad, but everybody deserves to try to be happy,” he said.

Still, while marriage may feel easier in some ways in later life, there’s a lot more to plan for than meets the eye.

The financial costs of divorce later in life

As Christopher Castellano wrote in Kiplinger, there are a host of financial considerations to consider in a gray divorce — far beyond splitting up household assets. Retirement funds and benefits are a major concern.

Courts may penalize a spouse who retires earlier than necessary amid a divorce. That’s because an early retirement may reduce their Social Security benefits along with their long-term cash flow from pensions, retirement funds, etc.

That in turn reduces their alimony payments to their ex — not a good look from a legal standpoint.