Baby Boomer divorce rates are increasing and it is affecting their retirement savings in a negative way. At this time, the divorce rate that applies to people who are 50-plus is more than double what it was in 1990. A recent study from the American Academy of Matrimonial Lawyers the biggest areas of contention in 50-plus divorces are alimony, pensions, retirement accounts and business interests.
The fact is, people are living longer and the longer they live, the more their relationships and attitudes might change. As a result, over time, babyboomers can easily change enough to cause their marriages to come to an end and they often do.
Still, even if divorce is the best decision a 50-plus person ever made, it is important to keep on top of issues relating to retirement savings, property and social security. Since marital assets will need to be split in two, the asset division process for a 50-plus couple can be frightening. Combine the potential loss of assets associated with divorce along with fears about where one’s money is coming from — a large majority of baby boomers are currently retired these days and not earning a living — and you truly have a recipe for fear.
When two spouses are sharing a space together and living in the same area, things feel comfortable and more financially secure because they are sharing costs. As soon as they split, however, the finances can change dramatically. This is where a knowledgeable divorce attorney can help Florida couples navigate the process of getting a divorce, while calming the various financial fears that commonly accompany an older person’s divorce.