During their youth, individuals in the Baby Boomer generation, who are currently between the ages of 51 and 69, had high divorce rates. This trend appears to be continuing as the rate of divorces for people who are at or over the age of 50 has doubled between 1990 and 2015 according to data from the U.S. Census Bureau and the National Center for Health Statistics.
There are a number of reasons why people in this generation are still ending their marriages at such a high rate. One is that a number of individuals who divorced when they were younger married again. Remarriages are far less likely to be successful than first marriages.
While the rate of divorces for older couples has risen significantly in the last few decades, the divorce rate for younger couples still far outpaces that of people at or over the age of 50. As of 2015, for every 1,000 married people at over the age of 50, there were 10 who divorced. For individuals between the ages of 25 and 39, the rate of divorce is 24 divorces for every 1,000 married people, and this is even after a significant drop in the divorce rate for this age group in the last few years.
When people who are nearing their retirement age divorce, it’s important that they approach asset division with a focus on their future. While it may be tempting to hold onto a home, individuals may not be able to afford it, and this is especially true if they end up splitting their retirement savings with their spouse. A lawyer could help clients determine which assets will help them retire comfortably and assist them in seeking these assets.