We’ve previously discussed the divorce rate among older couples. Now, it seems like baby boomers are still driving the divorce rate higher in the United States, at least among older couples.
A new study by the University of Minnesota found that the divorce rate has actually remained steady during the last few decades. Previously, research has hinted that the divorce rate has declined but the new study shows that it hasn’t. The researchers said when you look at the marriage rate compared to the divorce rate, the rate of divorces hasn’t changed.
Despite the finding that the divorce rate has remained the same, one group has seen an increase in their divorce rate: the baby boomers. The researchers said that baby boomers have a much higher divorce rate compared to other generations as seen through their higher divorce rate when they were in their 20s and 30s and now when they are in their 50s and 60s.
The higher divorce rate among baby boomers is something many of us are familiar with. However, not all baby boomers may understand the impact of divorce on their life. Baby boomers should review their finances during the divorce process and work with an attorney to discuss options for protecting their wealth, including their retirement accounts.
Older couples getting divorced should be aware of property division laws in Arizona and discuss what options are available to keep their finances on track after the divorce. It is also helpful to create a new monthly budget for life after the divorce.
Getting divorced at any age can be complicated, especially when it comes to your finances. However, there are several additional issues to consider when you are older so it is best to consult a divorce attorney to create a plan to protect your financial goals.
Source: The Washington Post, “Divorce is actually on the rise, and it’s the baby boomers’ fault,” Christopher Ingraham, March 27, 2014