posted in Family Law
on Thursday, March 7, 2013.
According to data, couples over the age of 50 in Stamford, Connecticut, are likely watching as their friends decide to divorce, over and over again. A study performed by the National Center for Family and Marriage Research at Bowling Green State University reported that the divorce rate of individuals older than 50 doubled between 1990 and 2010, allowing that demographic to make up one out of every four divorces in the U.S.
Divorce at this age makes some factors such as alimony much more important. If one spouse has been working the entirety of the marriage and the other has been relying on this income, alimony will be extremely important in the divorce. Alimony, also known as spousal support, is a payment that is usually made on a monthly basis between ex-spouses. The amount that is paid by the spouse with the major income is determined by a judge or in a divorce settlement.
Other issues arise for those that are getting divorced after the age of 50. Many of these people have been married for some time, thus increasing the likelihood that their finances have been combined. In addition, many assets are jointly owned. This means that the property will have to be divided and both individuals will be living with approximately half of what they have become accustomed to. Even worse than untying the knots created over decades of marriage is the fact that many people have underwater mortgages nowadays, eliminating one of the assets that many people perceived as the most valuable thing they could own: the home.
When originally getting married, many of these couples pictured themselves retiring with this spouse and spending their later years in life together. Because of the increased rate of divorce seen in this age demographic, this is often no longer the case.
Individuals that are pondering divorce should contact a family law attorney to ensure their interests are properly represented in the divorce proceedings.
Source: Chicago Tribune, “Post-50 divorce rate doubled in 20 years,” Leslie Mann, Feb. 27, 2013