Divorce considerations unique to baby boomers

On behalf of Stange Law Firm, PC posted in divorce on Tuesday, April 12, 2016.

Individuals who were born between 1946 and 1964 are collectively referred to as baby boomers and, since the beginning, this generation has been known for bucking the trend that doing things their own way. For example, while a significant percentage of the 65.2 million baby boomers grew up in two-parent homes, today it’s estimated that one out of every three baby boomers “will face older age unmarried.”

According to a 2013 Bowling Green State University study, between 1990 and 2010, the divorce rate among individuals age 50 and older doubled. Social scientists provide many reasons for this increase including the growing acceptance of divorce, increased financial independence for women, longer-life expectancies and a common belief that life is simply too short to live out the rest of one’s life trapped in an unhappy marriage.

For baby boomers who are planning to file for divorce, chief concerns typically include funding retirement, maintaining health insurance coverage and providing for long-term care needs. Attempting to sort and come to an agreement about these types of issues may also be complicated in cases where one spouse primarily handled the finances or one spouse didn’t work or only worked part-time.

In any divorce, dividing assets can be a challenging endeavor. However, in divorce cases involving individuals who are nearing or in retirement, it’s crucial that all assets are accounted for, accurately valued and distributed in a way that provides for an individual’s current and future financial needs and security. Not all divorce attorneys are well-versed in the unique and specific issues facing later-in-life divorcees and even seemingly minor errors made during the divorce process can have significant financial drawbacks. It’s important, therefore, to turn to an attorney who has helped other individuals in this age demographic successfully through the divorce process.

Source: The Washington Post, “Gray divorce can drag both parties into the red,” Rodney Brooks, April 9, 2016

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