What are divorces like for those over 50?

What are divorces like for those over 50?

If you’re considering getting a divorce in Illinois, then you may be interested in learning about the divorce rates in the United States. One in four divorces now involve someone from the baby boomer generation or those from the generation before them, adding to the fact that people over the age of 50 are divorcing twice as often as they were 25 years ago.

The reason for this rise in divorces isn’t what you may think; truthfully, it may simply be because people expect to be living for a longer amount of time and aren’t happy to stay in an unhappy situation. It’s also notable that women don’t tend to remarry as often as men.

Of course, a divorce is expensive regardless of when you do it, but there are ways to reduce the cost. It’s important to reduce the amount of time you spend fighting over assets in court, but you also don’t want to make the mistake of not asking for what you deserve. If a house is part of your assets, consider how much it would cost to have alone; you may be better off selling it and taking your money. Using that toward a new purchase can help you get started on your own.

Look over your finances, and make sure you know where you lie. Don’t make an agreement over something you value that requires you to give up too much. It’s likely that you deserve more than you think, so it’s always important to speak it over with someone who is familiar with divorce law.

Consider your future. You don’t want to trade away the things you need to survive; you may be able to ask for financial support or alimony, to request a valuation to divide your assets 50/50 or take other steps to protect your interests.

Source: Bloomberg Businessweek, “The Mid-Life Divorce: Don’t Get Taken, Don’t Get Even” Ben Steverman, Dec. 30, 2014