If Texas residents were to consider which demographic gets divorced most often, they may be surprised by the results of a new study. According to the study, Americans older than 50 are getting divorced more often than their younger counterparts. Divorce is also occurring more frequently than in the past, the study found.
Back in 1990, only eight percent of all Americans who got divorced were in their 50s or older. However, from 1990 to 2014, that rate more than doubled to 25 percent for that demographic. Meanwhile, the rate either plateaued or declined for younger couples.
However, individuals who decide to end their marriages later on in life sacrifice their retirement security. Even if both individuals worked or are still working, the standard of living for each will most likely decline substantially. When an individual divorces, not only are accumulated retirement savings divided, but living in separate households — as opposed to one — is simply more expensive. According to a separate recent survey, around 60 percent of these divorces involve fights over retirement savings or business interests, while 83 percent of divorcing parties spar over alimony.
Experts recommend older individuals contemplating divorce to consider freezing their shared and separate retirement accounts — at least until some sort of agreement has been reached. In addition, they recommend purchasing insurance in order to protect alimony payments, just in case the ex-spouse dies. When older Texas residents are considering getting a divorce, many typically choose to consult an experienced attorney to ensure their legal rights are fully upheld throughout the entire divorce process.
Source: bloomberg.com, “Older Americans Are Jeopardizing Their Retirement With Divorce“, Carol Hymowitz, Sept. 29, 2016
