No signs that the "gray divorce" trend will be slowing

April 03, 2013

No signs that the "gray divorce" trend will be slowing

Article provided by Anthony C. Williams & Associates, PC
Visit us at http://www.anthonywilliamslaw.com

The overall divorce rate in America has lessened in recent years. More couples than ever before are working through their differences and staying together. That doesn't apply to one segment of the population, though. The "baby boomer" generation - couples over the age of 50 - are divorcing at record high rates.

The rate of divorce for couples in their 50s and 60s has more than doubled since 1990, and that doesn't even account for remarriages, which traditionally have a higher rate of divorce than first marriages.

It seems like some couples are hitting a breaking point where they don't feel that the marriage can be saved, so they take steps to end it and start a new life. Others are suffering from "empty nest" syndrome and interested in personal growth for the first time since their children are now grown. Still more have realized that, for some couples, a longer life span has led to more disagreements, particularly if one party (or an elderly parent) is dealing with health problems, something that causes a great deal of stress.

The complications of late-life divorce

Couples who have been married for decades are much more entangled financially and socially than those who are just starting out. Middle-aged couples tend to own homes jointly, have shared checking accounts, have accumulated collectibles (like art or antiques) and jointly own automobiles. Some of these assets might end up being sold so that the couple can arrive at an equitable property settlement. Since the housing market - and the economy as a whole - is still recovering, they may find themselves taking a substantial loss.

Furthermore, older couples typically share investments, stocks or savings accounts set aside for retirement that must now be split between them and fund two separate retirements instead of one. Even couples who have been very responsible about retirement planning might find themselves unable to afford it once funds have been divided. Late-life divorces can effectively stop upcoming retirement plans in their tracks as parties who had planned to retire in the near future are now forced to work longer to recoup some of the financial loss that results from splitting the assets.

They also usually have friends and adult children who might feel pressured to "pick a side" if the divorce is contentious.

Moving forward

Are you considering a divorce? Do you have questions about issues that might arise from a divorce? Regardless of how long you have been married, the decision to dissolve a marriage is an important one that must be carefully considered beforehand. If you would like more information about a divorce - regardless of what stage of your life you are in - seek the advice of an experienced family law attorney in your area.