It is the largest generation in American history, and it has reshaped American culture in virtually every way. The Baby Boom began in the days following World War II and ended in the early 1960s. While sociologists cannot pinpoint the exact days on which the generation was born or came to a close, they are certain that Boomers put lasting imprints on everything from arts and music to politics, gender roles and civil rights.
And they are not done changing the world. Today, as they ease toward retirement, many Boomers are also going through personal upheaval in divorce. Social scientists and statisticians say “gray divorce” is booming as never before, with divorce rates among people age 50 and above rising.
Financial advisor and Forbes contributor Jeff Landers says “gray divorce deals a heavier financial blow” than divorces among people in their 20s, 30s and 40s.
It makes sense that for many older people with successful, long-standing careers, a divorce forces them to make difficult decisions regarding property division, including sometimes compromises on real estate, business ownership, retirement plans and more.
The other side of the gray divorce coin is that many who end their marriages late in life must consider significant financial challenges that will accompany the split. For women, especially, gray divorce can be risky. Those who don’t have careers or income are at risk of sinking into poverty following a divorce, Landers writes.
He points out that divorce planning can be more crucial than ever in gray divorce. That can include plans for health insurance, spousal support (alimony), life insurance and more. You can discuss these matters with a skilled Dallas family law attorney experienced in resolving property division disputes.