On behalf of The Law Offices of Mary Ann Beaty, PC posted in Divorce on Wednesday, April 12, 2017.
Texans who have been married for many years and are classified as “baby boomers” based on their age are not immune to marital struggles. In some instances, that leads to a divorce. People age 50 and older have experienced a double in divorces over the past twenty-plus years. With people living longer, some are deciding that they want to move on from an unhappy or stagnant marriage. There is also a reduction in the negativity surrounding divorce. These factors have contributed to people in this age range ending a marriage. With these divorces, there are important points to remember.
For people who are close to retirement, getting a divorce can cause financial problems. There can be a disparity in the amount of money each side has on his and her own. This is a common issue with women who might have stayed at home to care for children while the husband worked. A retiree’s financial circumstances can fluctuate depending on myriad factors such as stock prices, real estate and more. Even if they are still working, their age can eventually cause them to be marginalized and lose the job. Getting another job can be hard. Getting a job that pays similarly can be all-but impossible, particularly for an older person.
Baby boomers got divorced at a high rate in years past and that is believed to be a contributing factor in those who did stay together or are on a second or third marriage divorcing. The numbers indicate the people age 50 and older who have remarried get divorced at double the rate of those who were married once. For people in that age range who divorced in 2015, nearly half were in the second marriage or more. The key for an older couple getting a divorce is to have a grasp on finances and how their status is likely to change with the end of the marriage. Lifestyles will inevitably be altered, living situations will change, and property division is a cause for concern.
While it can be difficult to deal with a divorce at any age, the divorce legal issues that accompany a couple age 50 and above can be complicated. The emotions of the drastic change at an older age can be hard to confront. When considering a divorce, discussing the matter with an attorney who is experienced with the divorce process for a variety of clients is beneficial and can help with the case.
Source: marketwatch.com, “This is why baby boomers are divorcing at a stunning rate,” Angela Moore, March 31, 2017