Florida readers know that divorce is complex, and one of the main reasons for this is due to money. It is normal to have serious concerns about your financial future after a divorce is final, and these concerns can be especially grave if you are nearing retirement at the time you decide to end your marriage.
Gray divorce is a trend that continues to grow as more and more baby boomers choose to end their marriages. In fact, the divorce rate for this demographic is more than double what it was in 1990. This means that more people over the age of 50 are choosing divorce, and you may be one of them. Divorcing later in life could have serious financial ramifications.
Why the increase in gray divorce?
There are many factors that may contribute toward this increase in divorces for baby boomers. When it comes to understanding more about the gray divorce trend and why more older couples are choosing to end their marriages, it can be useful to understand the following:
- Many baby boomer divorces are actually for second marriages, which tend to be less stable than first marriages.
- Younger generations are more likely to have college degrees, and people with college educations have lower divorce rates.
- People in long-term marriages are less likely to divorce, but there is still a noticeable increase in the number of divorces for couples married 30 years or longer.
Financial struggles are some of the most common consequences of a gray divorce. One spouse may have stayed home over the course of the marriage, and with both parties being closer to retirement age, it could affect a person’s plans for once he or she stops working.
If you have chosen to divorce later in life, you would be wise to seek an outcome to your divorce that allows you the best opportunity for financial stability, even after retirement.
Planning a strong future after a gray divorce
Divorce will bring many significant changes in your life, no matter how old you are at the time. If you are over the age of 50 and you wish to move forward with ending your marriage, it could benefit you to take the appropriate steps to protect your financial interests.
It is beneficial to start simply by seeking a complete evaluation of your case. This can help you understand how you can shield your financial standing and work for a fair settlement in your gray divorce.