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Special considerations for divorcing baby boomers

The divorce rate for people in their 50s and older has increased by roughly two-fold since the 1990s. The term "gray divorce" has become an increasingly well-known term to describe this phenomenon.

There are multiple reasons for this. For one thing, people are living longer, healthier lives. When they hit their 50s and their kids are out of the house, many couples simply find that they have nothing in common.

One certified financial planner noted that "people are living longer and they feel more entitled to living fully. They've contributed to raising children, they want an emotional journey, it's their time now. They may have (decades) ahead and don't want to be unhappy anymore."

Further, divorce is no longer the social and religious stigma that it was when baby boomers were growing up in the 1960s and 1970s.

There are, however, special considerations that people who divorce in the latter half of their lives need to keep in mind. For one, they will be needing their retirement savings in the relatively near future. Therefore, it's essential that baby boomers work with their family law attorneys to ensure that their retirement savings is secure.

For people (usually women) who have been out of the full-time workforce for years, it can be difficult to get back to the point where they can earn an income on which they can support themselves. This needs to be considered when negotiating spousal support payments.

Of course, these things shouldn't keep you from ending a marriage that is unhappy. An experienced family law attorney, along with a financial advisor, can help you work to protect your financial future as you embark on this new phase of your life.

Source: MarketWatch, "This is why baby boomers are divorcing at a stunning rate," Angela Moore, March 25, 2017

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