“Until death do us part” is still uttered as a vows-ending mantra in legions of Michigan marriages and other betrothals across the country.
But it doesn’t command quite the clout and “never deviate from this directive” force it once had, does it?
Readers need do little more than conduct a google search for evidence of that. The bottom line concerning marriage in the United States is that divorce is a common occurrence despite newlyweds’ best intentions for it to be a blissful and enduring union.
And there has been a notable and particularly interesting point that has emerged in recent years concerning marital dissolution, a development that marks a strong divergence from prior generations.
That is this: An increasingly higher number of relatively older married couples are getting divorced. In fact, baby boomers and more advanced seniors strongly stand out as the demographic that is presently calling it quits at the highest rate of any group in the country.
Singular considerations attach to that fact, as prominently noted in a recent national article on the growing tide of divorce among older spouses. That piece duly stresses that “divorce can worsen and create vulnerabilities for retirees.”
That just makes sense, doesn’t it? Divorcing partners in that group don’t have the same expanse of time to recoup losses, stockpile wealth and prepare for the future as do decoupling spouses who are decades younger. Their opportunity to score a new job or forge a second-stage career – and, often, their very inclination to do so – is often diminished. A divorce outcome has likely reduced their cash flow. Health costs are likely to go up. Housing challenges might reasonably arise.
As the above article underscores, “A late-life divorce can wreak havoc on even the most well-thought-out retirement plan.”
Such potentialities don’t automatically spell doom for legions of older divorcing persons, though. An experienced family law office can help them craft a divorce strategy that focuses carefully on accurate asset identification, valuation and distribution. Sound moves can often be made to optimally extract benefits from retirement plans, pensions, home equity, business ownership, smart estate planning modifications and more.
Divorce at any age throws up some challenges, but also spawns opportunity allowing for dynamic change and a fresh start. A proven and empathetic family law legal team can provide further information.