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Is Retirement Age Too Late for a Divorce?

Society tends to think of divorce as a "younger" generation issue - one that plagues couples who jumped in too fast, failed to discuss the important details, or were unable to weather life's storms together. Yet, this is not the case. In fact, statistics indicate that the rate of divorce for couples over the age of 50 has more than doubled over the last two decades. Does this mean they are too late for divorce? Is it possible that they have found some sort of secret fountain of youth? Or are these couples simply embracing retirement by making a fresh, new start? 

Driving Forces Behind Later-Life Divorce

While the reasons behind later-life divorces are often multifaceted and as unique as each individual couple, experts believe the biggest driving forces are longer lives, better health, and more financial independence among women. People are living well into their 80s and 90s, and often with fewer years of disability. This generation of retirees (the "Baby Boomers") are also the first generation with a strong female workforce. In fact, many of them have been working since they were young and may even have retirement accounts of their own. Because of this, they are in a better position to financially support themselves after a divorce.

Potential Pitfalls to a Later-Life Divorce

Many divorces have complex issues and intertwined assets to sort out, but for those that have been married for decades, saved for retirement together, and likely have little earning potential left in their life, dividing assets and property can be exceedingly difficult. What was once saved to support one home must now be divvied up to support two. Even more concerning is that poor planning and improper valuations of assets can place one or both parties at a high risk for divorce-induce poverty. For these reasons, it is critical that later-life divorcees seek an experienced attorney that is familiar with complex asset division.

Is a Later-Life Divorce Right for You?

The decision of whether or not to file for divorce is an extremely personal one. For many later-life divorcees, it often comes down to not wanting to spend the last good years of their life in an unhappy or "happy enough" marriage. Still, there are others who will never take the leap, maybe because they are facing declining health or limited assets, or maybe just a fear of living out the last of their years alone. The decision is entirely yours, but if you do decide to move forward, our divorce attorneys are here to help.

At The Stogsdill Law Firm, P.C., we have extensive experience in handling and dividing complex assets. Dedicated to your best interests, we will protect your retirement and pursue the most favorable outcome possible for your case. Schedule your consultation with our seasoned DuPage County divorce lawyers and ask how we can assist with your situation. Call us at 630-462-9500 today.

Source:

http://www.latimes.com/opinion/op-ed/la-oe-rivers-barnett-gray-divorce-20160928-snap-story.html

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