While divorce rates throughout the nation have seemed to stabilize, there is one demographic that has surprised many. As this blog has written about previously, that demographic includes the baby boom generation –adults between the ages of 46 and 64. A study conducted by Bowling Green State University in Ohio found that the divorce rate amongst that demographic has increased by 50 percent in the past 20 years. Data shows that the divorce rate for the same age range in 1970 was only 13 percent.
This means more High Asset divorces. Often, this term is associated with rich individuals, but the majority of Americans manage to collect a considerable amount of assets over their lifetime. Cars, homes, recreational vehicles and treasured household belongings can be accumulated through the years. Individuals in their 40s and beyond often have a considerable amount of valuables that could be subject to property division in a divorce.
Known to some as “gray divorces,” the late-life marriage dissolution is happening more and more. While some experts have said that infidelity plays a role, others have said that domestic violence — emotional or physical — has a part as well. Still, others have said that debts for older married couples have created an unexpected stress that cannot be overcome.
Excessive spending because of addictions has caused some boomers to split. And then, there are the couples that simply do not want to be together any longer. According to one attorney, a partner seeking a divorce in this demographic has already made up her or his mind about the situation.
In one case, a 53-year-old woman wanted to act on her adventurous desires and make her life more exciting. Her husband wanted to keep things the way they were. This disagreement provoked their divorce, and she believes that their split was the right choice for the both of them.
Source: Bradenton Patch, “Gray Divorce Is New Trend,” Dale Hutchings, Oct. 23, 2012
