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Older adults and divorce

On Behalf of | Dec 23, 2016 | High Asset Divorce |

Orange County couples who get a divorce may be more likely to be over the age of 65 than those in previous decades. According to a study by the National Center for Family and Marriage Research, this age group is more than twice as likely to divorce as they were in 1990, and numbers are up for people between 50 and 65 as well. Older adults who divorce may have some unique concerns.

For example, it might be necessary for them to reenter the workforce. A divorce can be costly, and people might want to create a budget to get a sense of how their financial obligations will change. Since there is a growing group of older adults who are now single, some of them are choosing to live together in shared housing situations. An individual might struggle with the idea of moving out of the family home, but it may not be possible to afford it on a single income.

It is important to remain flexible during this time. Divorce may be on the rise because there is less social stigma associated with it and because women over 60, who often are the ones who file for divorce, see it as a fresh start. Divorce can be approached as an opportunity.

However, even with a positive outlook, it is important to protect oneself financially. Property division in a community property state like California is based on the assumption that marital assets, which are generally all those acquired during the marriage, are split between the couple. However, a couple may still want to negotiate the terms of property division between themselves with the assistance of their attorneys. This may allow them to reach a solution they are happier with than they might be with a judge’s decision.