Knowing that a marriage is coming to an end may be a painful realization for many couples in California and elsewhere around the country. While this decision may be difficult for couples of any age, it can seem all the more stressful when the people have been married a long time. According to a national research organization, the divorce rate for older adults in this country has doubled since the 1990s.
In fact, research shows that the divorce rate has lowered for all age groups, except one. For adults over 50, it has roughly doubled in the past two decades. This has become such a trend that divorce among older couples is known as gray divorce.
Studies have been done to try and pinpoint the cause of this trend. As couples age, their children leave home and discover that they have little in common. Regardless of the reason, experts acknowledge that divorce can bring with it the impetus to protect one’s finances during the process.
Advisors note that divorces can be expensive, depending on fees and how many assets a couple has amassed while married. Also, an older couple has less time to build assets back up after a divorce. Much consideration should also be given when determining how to handle the family home,
There are a number of complex issues that can arise when going through a California divorce. A knowledgeable divorce attorney can provide helpful guidance in all stages of the divorce process. An experienced team will work to obtain the best possible outcome in the proceedings.
Source: kiplinger.com, “The True Cost of Gray Divorce“, Scott Hanson, Sept. 25, 2017