Nearing Retirement and Nearing Divorce: What Do You Do?
Middle aged and older couples are divorcing in record numbers. If you are approaching divorce at the same time as middle age, getting good legal advice is important.
In 2012, a research paper from Bowling Green University sparked discussion of the gray divorce revolution in the United States. Referring to a remarkable uptick in divorce for those in the Baby Boom generation, gray divorce is now a common term for those seeking divorce at older ages.
Here are some key research findings about older divorcing couples:
- The rate of divorce of couples where one partner is over age 50 doubled between 1990 and 2010.
- Using data from the American Community Survey (ACS), study authors found approximately one in four divorcing couples in the United States are over age 50.
- Women are more likely to pursue divorce than men.
- Remarriage is risky; many second marriages fail.
- Living longer and less content with emotionally stale relationships, Baby Boomers are seeking intimate connections as they approach retirement and after.
Divorce is economically hard on couples of all ages. For those with less time to rebuild a nest egg, divorce can be devastating. Consider these tips if you are thinking about divorce at mid or later life:
- Preservation of wealth is essential to your future quality of life. Try to keep your divorce as amicable as possible.
- Use alternative dispute resolution methods like mediation to resolve financial and other disagreements without the expense of litigation.
- Ensure you fully understand the tax and social security implications of financial and property agreements.
Any season is a good one for a new start. Seek experienced legal help when ending your marriage in Minnesota and think about a prenuptial agreement to protect assets for adult children if your new start includes a new partner.