A recent Pew Research data shows the divorce rate for adults above 40 continues to rise. In the most recently released figures divorce rates among those aged 25 to 39 dropped by 21% over the past 15 years, while those aged 40 to 49 increased by 14%. The number of divorces for those above the age of 50 in the same time frame increased 109%.
There are two primary issues cited in the study: the increased longevity and quality of life for baby boomers compared with previous generations, as well as the ability to financially survive the divorce. Many children are grown or in college for “gray divorce” cases, so the primary issue is no longer child custody and parenting time and associated support.
Gray divorce cases tend to be much more complex due to the division of assets including retirement accounts, accumulated investments, the equity in the family home and the valuation of business and professional practice interests. The financial well-being of many gray divorce parties is quite disparate. The Pew study noted that many women, especially, experience financial challenges following a gray divorce as they re-enter the job force.
Maintenance is often a contentious issue in these long term marriages (longer than 10 years) and this is one strategy for leveling the financial playing field. The partners at Dodd & Dodd have represented Louisville and Jefferson County residents in family law matters for decades. This experience provides valuable insight into these cases for our clients.
Our extensive experience in business valuation cases as well as our legal skills, effective negotiation tactics and mediation help to protect our client’s goals and objectives.
While the divorce rate for adults above 40 continues to rise if you are considering a divorce you are certainly not alone. But you will need expert legal representation to guide you through the process and protect your personal and financial interests. We invite you to review the recommendations of our clients and contact us or call 502-584-1108 to schedule an appointment with one of our proven attorneys.
