Grey divorce: reasons and expenses
Analyzing divorce trends and statistics can offer surprising insight into marriages across the state of Utah and beyond. As modern ideals and necessities continue to evolve, contemporary marriage standards and practices change as well. That is why research findings revolving around the divorce rates of one age group are so compelling.
It is now estimated that approximately 25 percent of divorcing Americans are over the age of 50. And while education levels are believed to impact the likelihood of divorce in younger people, retirement-age adults with and without college degrees are divorcing at equal rates. Such statistics are especially interesting considering that grey divorce rates have increased remarkably and less than 25 years.
In discussing the findings of a recent study on grey divorce, a researcher noted that several factors may be contributing to the trend. For one thing, spouses often make comparable incomes, which allows for financial independence. And beyond that, divorce is now widely accepted by people of all ages. Another factor that may be playing a large role in the trend is the fact that no-fault divorce is available in every state. Now, couples have the option of ending their marriages without necessarily having to engage in family law litigation.
While grey divorce rates may speak to the fact that older people have more freedom and opportunities than previous generations, such figures also point to major concerns for retirees’ financial security. It is also estimated that widows and married couples over the age of 50 are 80 percent wealthier than elderly divorcees.
No matter what age people pursue divorce, developing an effective divorce settlement can go a long way to secure one’s immediate and long-term financial security. Anyone with questions or concerns about his or her post-divorce finances can speak to an attorney today.