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Divorce rates for Boomers on the rise

New information from the American Academy of Matrimonial Lawyers (AAML) indicate that people over the age of 50 in Texas and around the country are ending their marriages at higher rates than ever before. However, boomers getting divorced tend to face greater financial challenges than their younger counterparts because retirement accounts, real estate, and other substantial aspects are more prevalent.

One possible explanation for divorce over 50, also known as "grey divorces," could be that Baby Boomers have been the spark to create social change. AAML records also indicate that females tend to initiate most divorces in the over-50 age group, perhaps because they came of age in an era when women were beginning to gain independence and come into their own.

Another explanation for the increased rate of grey divorces could possibly be that couples only remained together until their children were out of the home. Another explanation could possibly be the staggering economy, whereby unemployment is high and prospects for employment decrease for those individuals over the age of 50. Unfortunately, couples in Texas are not an exception; in fact, they tend to be a microcosm of a nationwide trend.

People who are contemplating divorce often have questions; however, they do not know where to turn, particularly if they feel overwhelmed. If they have a significant amount of assets that include retirement accounts and various properties, they may want to be assured that everything is distributed equitably. A knowledgeable divorce attorney can be an invaluable source for those who need answers. Sometimes, seeking the advice of a professional can help those struggling with such life-altering decisions.

Source: Huffingtonpost Divorce, "Gray divorce is on the rise, according to new data", June 12, 2013

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