Gray divorce, or divorce later in life, continues to rise, particularly among the baby boomer generation. Researchers recently released findings from a study out of Bowling Green State University that dug into the issue, and the results are interesting. They point out that the overall divorce rate throughout the United States has declined but that this number is misleading as there is “substantial variation” in the rates amongst various age groups.
The researchers clarify that divorce rates amongst younger people up to age 44 is declining and has been for generations. However, this is not true for those over the age of 50. Within this age group the researchers found that the divorce rate has more than doubled. They further report that the greatest increase was for those over the age of 65.
What factors contribute to the rise in divorce among baby boomers?
There are several key factors that can contribute to the high divorce rate among baby boomers, including:
- Increased life expectancy: With the average lifespan extending, many baby boomers find themselves contemplating decades more of marriage and sometimes opting for divorce instead.
- Changing societal norms: Divorce has become more socially acceptable over the decades, and baby boomers feel less societal pressure to stay in unhappy marriages.
- Financial independence of women: More women in this generation are financially independent compared to earlier generations, giving them the economic means to leave unsatisfactory marriages.
These and other factors contribute to the increasing rate of divorce among older adults.
What are some unique legal considerations for those getting a divorce when over the age of 50?
Division of assets within this group can be more complex. This is because couples often have accumulated significant assets by this stage in life, sometimes including more complicated assets like business interests and diverse financial portfolios. Retirement funds can also pose unique challenges as those within this age group have likely contributed and grown these accounts for decades. The growth is valuable and often not something that an individual can replicate after divorce. As such it is important to take this into consideration when splitting retirement assets. It is also important to note that the division of retirement assets often requires additional legal paperwork.
Longer marriages might also result in substantial alimony awards, especially if one spouse has been out of the workforce.
The divorce rate among baby boomers is influenced by a variety of factors including societal changes, longer life expectancies, and financial independence. The implications of these divorces are significant, often involving complex legal negotiations over assets, alimony, and retirement. Baby boomers considering divorce are wise to take these complexities into account when putting together a divorce settlement agreement.
