Many in Connecticut may have been shocked to learn that actors Danny DeVito and wife Rhea Perlman have filed for divorce after 30 years of marriage. However, statistics suggest that more and more older adults are ending marriages. In fact, one university study asserts that the divorce rate for individuals who are 50 years of age or older has more than doubled since 1990. Older spouses also have different divorce issues with which to contend than their younger counterparts.
Among these differences is often the relief of having to work through issues of child custody and support. However, other challenges become more pronounced for older spouses, such as issues surrounding property division. When a couple has amassed assets over a longer period of time, there can be more to divide.
While this can be a positive circumstance that can leave both parties better prepared for separate lives, it can also raise a number of issues. One way to avoid making financial mistakes is for both spouses to gain a comprehensive understanding of their familial wealth. In some cases the help of a financial advisor can make this an easier process.
Other issues are more complicated for older adults in Connecticut and elsewhere, including concerns over health care coverage and the division of retirement income. While a divorce represents the end of a partnership, it is important to remember that it is also the beginning of a new life as a single person. Making savvy financial decisions concerning divorce issues can ensure that both parties move forward with the highest degree of financial security possible.
Source: WKMG, “Divorce rates rising among older people,” Oct. 29, 2012