Fifty years ago, fewer than three percent of individuals over 50 in the United States were divorced. By the turn of the millennium, that number had grown to about 12 percent. While divorce is difficult at any age, the age of the couple can affect a couple's priorities. For instance, while younger couples tend to be concerned with child custody issues, older couples are often more concerned about property division and financial matters.
As Minnesota readers have read in the past, the divorce rate among people over 50 has doubled since the 1990s. While the cause for the spike in the divorce rate among older couples is unknown, the trend does not seem to be reversing at all. In fact, as the divorce rate in the United States has begun to stabilize overall, even inching downward in some categories, the divorce rate among older Americans is continuing to grow.
Managing a grey divorce can be a complex process. Unlike younger couples, older couples generally have significant marital assets that need to be divided. From family-owned business to retirement accounts and family homes, complex divorce asset splits require experience and knowledge. Making the matter more complex, divorce asset splits typically require a host of different expertise from income tax to business law.
From retirement accounts to complex business assets, when it comes to complex assets division, knowledge and experience is everything. Because of this, couples with complex marital estates should consider speaking with a family law attorney with significant experience handling complex property disputes. In the long run, it will save everyone involved in the divorce proceedings a considerable amount of time, money and heartache.
Source: New York Times, "Divorce After 50 Grows More Common," Sam Roberts, Sept. 20, 2013
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