There's a growing trend of couples divorcing later in life, often referred to as "gray divorce." Statistics from the Center for Family & Marriage Research at Bowling Green University show that the rate of divorce among those over 50 has doubled over the past 20 years, despite an overall decline in the divorce rate.

There are some distinct differences between divorce among older adults and younger ones. Consider the division of assets. Older adults may be in a better financial position to live independently and pay for the divorce itself. They might also have more assets to fight over.

On the other hand, if both spouses are nearing retirement age or have already left the workforce, spousal support payments could be an issue. In fact, many people divorcing late in life have opted for an upfront, lump-sum payment in lieu of alimony to erase both the burden of having to write a check every month and the worry that the payer will someday run out of money to supplement their ex's income. The best option may be to negotiate for a well-rounded portfolio of assets, keeping in mind spousal support for the years beyond retirement.

While most gray divorces often don't have the issue of determining child support payments, that doesn't mean your children shouldn't enter the conversation. Many divorcing baby boomers still have children in college, and while they might be too old to warrant support payments, you'll want to discuss expenses they might still be incurring. How will you handle tuition payments? Whom will they stay with when they come home from college? How will they handle the divorce itself, and is there anything you can do to make it easier on them?

And don't forget to address your own feelings about being on your own again after decades of marriage. Considering that the average life expectancy in the U.S. is almost 80 years old, try to look at it as a new chapter in your life, rather than just an end of a relationship you had for most of your adulthood. A divorce at any age can be a chance for renewed happiness and well-being.

Source: Huffington Post, "Is Grey Divorce A New Baby Boomer Rite Of Passage?" Lisa Hellfend Meyer, Dec. 16, 2011