Did you know that baby boomers are more likely to divorce than earlier generations? Individuals in Kentucky and across the nation age 50 and older are getting divorced at a higher rate than their parents and grandparents did at the same age. As these baby boomers get older, the likelihood of divorce only increases.
Recent studies have shown people 65 and older are three times more likely to divorce than they were in 1990, and people who are 55 to 64 are more than twice as likely. Although the divorce rate has slowed among younger people, this growth among baby boomers has kept the old saying true that around half of all marriages end in divorce.
Over the years, the growing financial independence of women and states’ easing of divorce related law has made separation easier and more feasible. Baby boomers also view marriage and divorce differently than previous generations. Longer lifespans also mean that people may be more likely to leave a marriage they are unhappy in when they still have years or decades ahead of them. Issues of maintenance, business or professional practice ownership or substantial assets can lead to a more challenging “Gray divorce.”
Some millennial behavior suggests that divorce rates might remain lower in that age group. While baby boomers are more likely to divorce than earlier generations, the generations which follow them are more likely to marry later in life, and often, they do not marry at all and cohabit instead.
In addition, individuals who have already been divorced once are remarrying less often.
Whether a person is a millennial, a baby boomer or somewhere in between, the decision to divorce is usually a difficult one. Sitting down with an attorney and a list of assets, debts and income can be a good place to start in understanding what a divorce will mean financially and the strategies which can help to protect your interests and accomplish your goals.
We invite you to learn more and contact the experienced divorce and family law attorneys at Dodd & Dodd or call 502-584-1108 to schedule an appointment.
