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Gray divorce, when couples over 50 decide to divorce, is having some interesting consequences for the housing market, including increased competition for rental units and a boost in housing demand. These trends should be considered, as gray divorce is steadily rising in the U.S.
According to recent statistics, gray divorce is now the most common type of divorce in America. In other age groups, divorce rates are either stabilizing or divorcing, but gray divorce is sharply increasing.
Data from a report released by the National Center for Family & Marriage Research suggests that divorce rates for the 50-and-up population have doubled. That rate for couples over 65 has tripled since 1990!
When a gray divorce occurs, the couple typically has to come up with a solution for their family home. One standard option is for the couple to sell the house. At first, this adds a property to the housing market, but it often leads to two more independent adults needing their own homes. The overall impact, then, is an increase in housing demand.
Statistics show that gray divorcees tend to live alone once they’re single again. These older buyers typically seek out condos, townhomes, and single-story homes. They also tend to go for rental units. This significantly increases competition for younger generations, who are also seeking the same living arrangements.
Since family homes don’t sell as quickly as other units, some older adults going through a gray divorce agree to co-own the home. If that happens, the couple can easily fall into a challenging legal situation in which both individuals are considered equal owners. If the two individuals later disagree over selling the property, then the problem can lead to a civil partition action.
A partition action is necessary when two or more parties jointly own a home and want to separate it. Often, these disputes are resolved by selling the property and dividing the remaining proceeds evenly between the parties.
This type of solution is often necessary because most co-owners don’t wish to live together in a family home after a divorce.
Do You Co-Own a Home? Do You Need Partition Action Advice?
A partition action might also be necessary for other co-owners of a home, even if they aren’t going through a gray divorce. Couples who never got married but jointly own a home, business partners, or heirs who are jointly inheriting property might also fall into a similar legal situation. In general, anytime two owners can’t reach an agreement on the sale or use of a property, it can lead to a partition action.
Here at Partition Action, our New York-based attorneys have experience dealing with partition actions across the county.
If you have questions or concerns about your potential partition action, we’d like to offer you a free, confidential case evaluation. Schedule yours now by leaving your contact information on our online form.
