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Divorce rates increasing in those aged 50 and older

Maryland residents may be interested in recent data that has been released that show that divorce rates among adults age 50 and older have almost doubled since 1990. In 2015, 10 out of every 1,000 people age 50 and older were divorced. These 'gray divorces" may present a variety of unique legal challenges and consequences compared to divorces among younger couples.

According to reports from the Census Bureau, the sharp increase in divorce rates among seniors may be attributed to the baby boomer generation getting older. During young adulthood, baby boomers divorced in record numbers. Research has shown that remarriages are even less likely to work out, so the divorce rate among individuals over 50 years of age who have married again is double that of someone who's only been married once. The reason for many gray divorces may be a growing dissatisfaction with the marriage and the desire for independence.

There are several challenges associated with gray divorces, the first being financial. Spouses who have been married for many years are likely to have a long history of entangled assets, which will be difficult to divide. Seniors are also more likely to be financially insecure. They may be living on a fixed income or dependent on retirement and social security benefits. It can be difficult to adjust to losing a spouse's income or benefits after divorce. This is particularly true among women, who may have less personal resources to fall back on.

Older people considering divorce are likely to have many questions about how the end of a marriage will impact their financial futures. A divorce attorney may be able to answer these and other questions and help a client understand the costs of divorce and how to prepare for the best outcome.

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