by Michele Sacks Lowenstein, Certified Family Law Specialist,
Lowenstein Brown A P.L.C.
Do you know that 25% of people getting divorced today are over 50?
Do you know that getting a divorce late in life presents additional financial consequences?
Do you know that people who divorce late in life are more likely than not to seek alternative to litigation?
Divorce for those 50 and up has increased from 10% to 25% of all divorces. What’s behind today’s Baby Boomer divorce boom? Some theorize that as we grow older, lose our elderly parents and face retirement and the “empty nest” that these events are catalysts for Baby Boomers to reassess their lives. At age 65, people can be expected to live another 20 – 25 years and are less willing to sacrifice the years they have left to a marriage which no longer meets their needs.
The Baby Boomer divorce presents unique financial consequences. A late in life divorce impacts years of retirement planning. For the more economically secure the late in life divorce, while still disruptive to retirement plans, it can mean a new life with minimal negative consequences. For those less secure, the late in life divorce can result in financial uncertainty or devastation.
Regardless of the couples’ financial circumstances, the over 50 divorce requires people to take stock of their Social Security benefits, health insurance and housing costs. For some, this can mean rejoining the work force after an absence of many years. Attorneys representing older individuals must be able to provide strategic thinking and advice to what repositioning needs to be done with respect to retirement planning.
Collaborative Divorce is an ideal alternative to litigation for the Baby Boomers who have planned for their retirements. They understand that tackling the problems creatively can help them find solutions that will allow them to preserve not only their nest egg, but move on with their lives. This can best be accomplished by working with professionals who are experienced in the division of more complex estates and attuned to the unique problems presented by the late in life divorce.