Older Texans embracing divorce in greater numbers

May 29, 2013 (Press-News.org) Older Texans embracing divorce in greater numbers

Article provided by Law Office of Nancy H. Boler
Visit us at http://www.bolerlaw.com

According to a study entitled, "The Gray Divorce Revolution," divorce among older adults in the United States has doubled since the new millennium began. This is at a higher rate than predicted and the new trend, referred to as gray divorce, is expected to continue increasing.

In Texas, legal professionals are seeing a rise in the number of older people going through divorce as well. Experts in law and psychology offer a number of factors that may explain the increase. As more people look at single life in their retirement years, it's important to have a solid financial and retirement plan because divorce later in life can have an impact on an individual's personal lifestyle and retirement.

The facts

More divorces occur in the United States than any other country in the world according to the same study above.

In 2009 alone, more than 600,000 people, age 50 and over went through a divorce.

By 2030, the number of people divorcing after the age of 50 is predicted at over 800,000. This is likely due to the fact that the age group, known as the baby boomers, will be fully immersed in the older age group.

Older adults are now joining online dating sites at twice the speed than singles from other age groups according to one report. These online dating sites offer older adults the opportunity to find potential partners that fit what they are looking for.

Secondary marriages have a higher risk of ending in divorce.

An AARP survey from 2004 indicates that women are taking the lead in filing for divorce. The survey, which focused on people between the ages of 40 and 69, revealed that divorce proceedings were begun by women 66 percent of the time.

Contributing factors

Experts say that there are several factors contributing to the gray divorce growth. One factor is the attitude that people have towards personal fulfillment. Today, more people are planning for a fulfilling retirement, including the level of happiness derived from a spouse and are financially able to make a change.

Other factors include:
-Social acceptance of divorce
-Longer life spans
-Differing interests/lifestyles
-Children are grown and on their own
-Social media offers chances to connect with new and former romantic interests

As opportunities expand for older adults, more people are likely to be influenced by one or multiple factors, adding to the popularity of gray divorce.

Gray divorce and retirement

One of the considerationsthat should be examined is the effect that gray divorce could have on people's lifestyle and retirement. According to financial experts, divorce for older people is going to be more costly; the estimate for the costs of retirement for a divorced person range from 30-50 percent more than for a married couple. Lifestyle costs will naturally go up as well since often the retirement plan will have to cover two separate lifestyles. For some retirees that increase could result in a reduction in the way that they have been living.

As that person ages, medical costs are also likely to increase, putting additional financial strain on them. If one ex-spouse is unable to work or has no independent retirement plan, the other ex-spouse is sure to feel the financial pinch.

If you are considering divorce, contact an experienced family law attorney who can help you chart out your future.