Divorce happens to all kinds of people. People from all backgrounds, religions, income-levels, etc. can and do decide that they want out of their marriages. But did you know that there is one age group in particular that is reportedly driving up the rate of divorce when divorce is otherwise less common?
The term "gray divorce" has become a buzz phrase in the family law community because baby boomers are choosing divorce more and more these days. According to the Academy of American Matrimonial Lawyers, those between the ages of 52 and 70 are divorcing at an increased rate compared to younger couples. A divorce at an older age comes with its own specific hazards, as reported by Yahoo! Finance.
Whereas younger couples with minor children have the sensitive matters of child custody and child support on which to focus, older couples have different priorities. At the point in life when someone is over 50, they probably have no more kids depending on them. Also, retirement is near and one's earning capacity is becoming limited. Therefore, the financial security of someone in a "gray divorce" is crucial to protect.
The following are a few important financial realities specific to many baby boomers:
- Divorced boomers have only about 20 percent of the wealth as their married counterparts.
- Of that, the divorced women are at great risk of living below poverty level.
- Living alone after divorce means the divorced individuals will spend more to live than their married counterparts.
In these baby boomer divorces, many of the couples have been married for 20 plus years. Long-term marriages that end in divorce often involve complex financial matters, such as retirement funds, real estate, business interests and more. The above financial risks and this fact make it crucial that those who are over a certain age and looking to move forward with a divorce work with a family law attorney experienced in managing complex cases like these.