When most people think about the recent recession, high unemployment rates and the near crash of the housing market usually come to mind. But few realize how far-reaching the recession actually was. Consider this: a married couple realizes that their marriage is failing. But the recession has forced money to become tight; and further still, housing prices are dropping at an alarming rate. Unable to afford a divorce, the couple is forced to stay together until the economy recovers. In a previous generation, parents waited for the depression and World War II to finish before having children. In this generation, baby boomers are waiting until they are stable to afford a divorce.
Now that the economy shows signs of recovery and people are finding their financial footing, they are taking a step out on their own and seeking a divorce. The recent trend is showing people over 50 are twice as likely to seek a divorce than they were 20 years ago. Sociologist Susan Brown of Bowling Green State University has authored a new study titling this a “Grey Divorce.” Many of these couples have been married 25 years or more and with retirement, older children, and more financial independence, many couples report they simply grew apart.
A long-term marriage and older spouses can mean a more complicated divorce. More assets including retirement accounts in pay-status require special attention of a Family Law specialist who is able to understand these issues and help guide couples through a difficult and emotional process. Learn more about how Dawn Dell’Acqua can help with your Asset Division questions.