Although divorce rates are decreasing across the nation, an interesting trend is emerging: divorce rates among baby boomers are on the rise. This group alone, composed of individuals ranging in age from their late forties to late sixties, is now responsible for one in four divorces.
This rate continues to grow, and women claim to initiate over 66 percent of these divorces, according to a survey conducted by AARP.
What is fueling the increase? Experts speculate this empowered generation of women famous for shattering social mores in the past is prepared to do it again, all in the pursuit of happiness.
Factors Contributing to Divorce Among Boomer Women
Researchers found traditional moral taboos against divorce no longer held troubled marriages together; instead children were serving as the glue. Once baby boomer women become empty nesters, they often take a step back and reevaluate their marriages.
An increasing rate of these boomer women are not happy with what they see. They often have careers and feel financially secure enough to walk away from an unsatisfying relationship.
Divorce Settlements More Important Than Ever
A recent study by The Center for Family and Demographic Research at UCLA notes the importance of thoughtful preparation prior to divorce among boomers. It found unmarried boomers have fewer resources to pull from, such as retirement and savings accounts.
This finding highlights the importance of a well rounded divorce settlement. As life expectancy rates continue to rise, the necessity of a strong financial foundation based both in current income access and retirement savings increases. Additional areas that need to be discussed during a settlement include health insurance, living expenses and filing paperwork to continue receiving Social Security benefits.
This list is just a sampling, and many other items require careful consideration in developing a strong post-divorce portfolio funded by assets accumulated during marriage. As a result, it is important to contact an experienced divorce attorney to help you prepare for a secure financial future.