In the United States, divorce in the general population is decreasing. However, divorce among the baby boomers, or those over 50, is actually on the increase. Twenty years ago, one in twenty couples over the age of 50 were divorcing, now it is one in four. The reasons for this increase are many.
For one, people are living longer. After children are out of the house, some couples find they grow apart, and the prospect of all those years together can be daunting and too much for some of them to contemplate in Michigan. Another reason is that it is more acceptable to be older and single today than it was many years ago. However, a factor that must be considered is the prospect of dividing accumulated assets and how that will impact the couple going forward as two single people.
Any assets the couple have accumulated will now be shared by two separate individuals in two separate households. While the assets may be divided evenly between the two people, expenses will not be cut in half. It can cost up to 50% more to live as a single person rather than as a married couple. This fact may impact such decisions as whether to sell the family home, how to resolve debts, and how to maintain a lifestyle the couple has become accustomed to. These are only a few of the issues an older couple seeking a divorce could face.
Divorce at any age is difficult. Divorcing over 50 brings with it its own set of challenges. A person facing divorce over 50 could benefit from seeking counsel from an experienced divorce attorney in Michigan. An experienced attorney could advise a person of the best way to proceed in order to achieve long term financial stability after a divorce is finalized.
Source: marketwatch.com, “Why divorcing over 50 can be especially awful“, Mary Ann Ferreira, Accessed on March 17, 2018.
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