Divorce After 50: The Financial Effect of Parting Before Retirement
At WHITMARSH FAMILY LAW, our divorce attorney in Los Angeles, CA has spent the past decade protecting our clients’ rights during separation and marriage dissolution cases throughout California. Since the inception of our firm, the overall divorce trends have inched downward, except for couples who are 50 and over.
The Growing Trend of 50 and Older Divorcees in the United States
U.S. Census Bureau research reports include the following statistics:
- For every 1,000 married persons aged 50 and older, 10 divorced; up from five in 1990
- The divorce rate has nearly tripled since 1990 for adults ages 65 and older
- Among all adults ages 50 and older who divorced last year, 48% were in their second or higher marriage
The rise in divorce rates among couples 50 and older are directly linked to the aging Baby Boomers who comprise the age-group category of 51 to 69, but their personal circumstances and reasons for splitting often differ.
Financial Statistics for Divorced Couples Over 50
Our Los Angeles divorce attorneys have handled cases where couples 50 and older no longer agree on their current paths, and simply want to dissolve the marriage amicably and move on. In most cases, their children are adults and have families of their own, and differing interests, personal growth, and opportunities provide substantial ground for leaving a lengthy marriage.
The difference between “grey” marriages, as they are referred to in the media, and divorces that happen earlier in life are the financial aspects they deal with during the proceedings.
UBS Global Wealth Management reports:
- Long-established nest eggs reserved for a combined retirement must now support two households
- Household incomes drop by 25% for men; 40% for women
- Cost of living as a single is at least 50% higher for each person than for a married couple
- 56% of women leave financial planning and major investing to their husbands, creating a lack of awareness regarding their net worth during divorce proceedings
- Retirement income splits into two, including pensions and IRAs however
- Community property laws in California play a large part in the separation of assets and debt
Some of the most common surprises uncovered in divorce negotiations for couples who are 50 and older include hidden debt, spending, and accounts that one spouse did not know existed. Our divorce and family law attorney in Los Angeles can help you examine your combined financial data and assess what it means to you should you move forward with a divorce – so there are no surprises.
Contact WHITMARSH FAMILY LAW in Los Angeles, CA for a Free Consultation Today
If you are considering a divorce in Los Angeles, CA, contact our experienced attorney today at (310) 552-3505 to schedule a free consultation. Do not let your spouse take the lead in dividing your assets and debts without having an accomplished attorney by your side. Getting divorced, even when it is amicable, can lead to financial pitfalls that can be easily bypassed when they are recognized before the paperwork is signed. Call us now to find out how to protect yourself, and your future.
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