Baby Boomers Divorcing in Record Numbers

September 07, 2012

Baby Boomers Divorcing in Record Numbers

Divorce rates among members of the Baby Boom generation are soaring in recent years, even as levels have begun to stabilize for the rest of the U.S. In the past two decades, according to researchers at Bowling Green University, divorce rates have doubled among couples over 50.

Gray Divorce

There are a number of possible explanations for the rise in divorce after 50, a phenomenon often referred to as "gray divorce." For instance, couples whose work had previously kept them occupied for most of their married life may find it difficult to adapt to spending much more time at home together after they retire. Some couples may find that they are no longer as compatible as they once were. In other cases, retirement itself may trigger depression or other emotional issues that can wear on a relationship.

With people living longer, healthier lives well into their retirement years, many people view retirement as a new beginning. In some cases, this may serve as a "wake-up call" for spouses who are no longer fulfilled by their marriage and wish to make the most of their retirement years.

Financial Implications of Divorce After 50

Divorce after 50 can be simpler in some ways than it is for younger couples, since child support and child custody are less likely to be major issues. On the other hand, couples who decide to part ways later in life often face other challenges specific to their age group. This is partially due to the fact that, as a couple approaches old age and their remaining working years dwindle, their ability to recover from financial hardship may decrease.

In addition, older couples tend to have accumulated more shared assets during their marriage than younger couples, and may have more complex medical and health care needs. As a result, the stakes can be quite high for divorcing couples over 50 when it comes to resolving issues like spousal support and division of property, including retirement assets. People contemplating divorce later in life are encouraged to seek advice from an experienced divorce lawyer who can help them understand their options and plan for their future financial needs.

Article provided by A. Schancupp & Associates, LLC
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