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Planning key for divorcing baby boomers in Minnesota

Couples of all ages continue to get divorced in Minnesota. However, couples over the age of 50 are more likely to get divorced in the state and throughout the country compared to younger couples. 

Did you know that one in four divorces in the United States involves a couple over the age of 50? That's a somewhat shocking statistic from researchers at Bowling Green State University. More baby boomers are deciding to get divorced due to a variety of reasons, and their increased divorce rate continues to draw attention to the issues older couples face when getting divorced. 

The first question in many people's minds is why are so many baby boomers getting divorced now after so many years of marriage? Some of the most common reasons are an aging population and couples don't want to stay in unhappy relationships once they've reached retirement. Another reason is that women are more financially independent, which means they can afford living on their own after getting divorced. 

Regardless of the reasons for the increase in baby boomers getting divorced, these couples have several questions to ask themselves before the divorce is finalized. Some of the most basic questions include where will I live and how will my finances be impacted? 

Older couples will most likely have more assets and even property to divide during divorce proceedings so it is important to keep track of what assets are considered marital. It is also important to consider how your retirement plan will be impacted by the divorce. Retirement plans can be split between spouses, which can significantly change your retirement income and quality of life in some cases. 

Thinking about how getting divorced will impact your future can be difficult, especially when you start thinking about the nitty-gritty details of your financial portfolio, how your taxes will be impacted and what to do with the house. However, thinking about these issues now will help you prepare for divorce negotiations and help you create a better financial plan for your life after divorce. 

Source: National Public Radio, "Older Americans' Breakups Are Causing A 'Graying' Divorce Trend," Ina Jaffe, Feb. 24, 2014

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