Divorce rate rising for US Baby Boomers
People who divorce later in life often have unique financial issues to consider.
March 09, 2013
Divorce rate rising for US Baby BoomersArticle provided by Law Office of H. William Edgar
Visit us at http://www.edgarfamilylaw.com
As the average life expectancy in the United States has risen and the characteristics of a successful and happy marriage have changed, the number of people who choose to divorce later in life has also increased. Interestingly, while the number of older Americans getting divorce has risen, the number of younger couples divorcing in the US has remained relatively the same over the past two decades.
According to a study conducted by researchers at Bowling Green State University, the number of people over the age of 50 who got a divorcedoubled from 1990 to 2009. In 2009, approximately one out of every four divorces in the U.S. involved couples over the age of 50. The research revealed that more than 600,000 people over the age of 50 got a divorce that year -- in 1990, only slightly over 200,000 people over 50 got divorced.
The Bowling Green study identified certain characteristics that more frequently resulted in a so-called gray divorce. For instance, the research revealed that people with college degrees were less likely to get divorced than those with fewer years of education.
Two of the most telling characteristics were whether the people in the marriage had been married previously and how many years the couple had been married. According to the study, people over 50 who had previously been married were 2.5 times more likely to get divorced than those who were in first marriages. In addition, couples who had been married between zero to nine years were 10 times more likely to get divorced than those who had been married for 40 years or more.
Financial considerations for divorcing CA Baby Boomers
When someone decides to get divorced in his or her 50s or 60s, it is important to ensure a stable financial future. In California, either spouse can decide to end the marriage and need not have proof of any wrongdoing on the part of the other spouse. California is therefore referred to as a "no fault" divorce state. In order to obtain a divorce, one spouse must merely state "irreconcilable differences."
Prior to filing for a divorce later in life, it is wise to make plans for your financial future. Couples who divorce in their 50s and 60s are closer to retirement age, leaving them with less time to recover financially after the divorce is finalized. They will also typically have larger joint financial interests than those who divorce at a younger age. Some of the many financial issues people seeking a gray divorce should consider are how to deal with:
-Retirement savings
-Social Security benefits
-Health insurance
-Property division
If you are considering getting divorced, consulting with a skilled, California family law attorney will ensure your rights are protected.