In an era dominated by so-called “gray divorce” in which people over 50 are separating at unprecedented rates, the question of why this is happening is one on many experts’ minds. Connecticut residents might be surprised to learn that more and more couples are choosing divorce later in life in the interests of their personal finances. Unlike younger couples who might choose to stay in a marriage for the financial benefits of a two-person income, older couples are finding just the opposite.
For baby boomers with considerable marital assets accrued, financial stability may be a reality for both parties. The pressures of raising children are often behind individuals of this age. With both parties looking at a comfortable financial situation, the pressure to stay in an unhappy marriage is considerably lessened.
Many studies have pointed to the rising rates of gray divorce. Most of them have suggested that longer life spans and better quality of life for older people are causing individuals to rethink “til death do us part.” Experts suggest that both parties seek financial counseling in advance of a gray divorce, however, to ensure that assets like retirement plans are fairly split.
Divorce is not always an easy process, but for Connecticut residents approaching retirement age, it may actually be a positive decision for both parties. Assuming financial literacy on the parts of both individuals, filing for divorce later in life can ensure the so-called “golden years” really are. In an era where people want to make the most of their later lives, divorce can be a golden opportunity to do so.
Source: philly.com, “Financial security pushes couples to divorce court”, Erin E. Arvedlund, Aug. 9, 2015