Study shows older couples are divorcing at a faster rate

A recent study shows that older people are divorcing at a faster rate and this can have a significant impact on retirement plans.

When people in Clarksville decide to get married, they never think that the relationship will end in divorce. However, for many couples, that is exactly what is happening according to a recent study conducted by Bowling Green University.

That study, which covered a 20-year period, shows that the divorce rate for people over the age of 50 doubled. In 1990, the first year in the study, one out of every 10 people who filed for divorce was age 50 or over. By 2010, that rate had increased to one out of four. Additionally, the study revealed that the risk of divorce was higher for people who were in a remarriage than for people who were in their first marriage.

Reasons for splitting

The researchers theorize that the increase of divorce among older couples may be influenced by several factors. One of these factors, according to The New York Times may be the longer lifespans of people. People may still have several years ahead of them and decide that they don't want to continue living with their spouse. Perhaps over the years, they have grown apart and their interests have changed. They see divorce as a way to start a new life.

Another reason may be the independency that women now have. Many women have their own source of income and have become more focused on self-fulfillment. Some may have sacrificed a career to raise children, but now that the children are grown and on their own, these women are desirous to fulfill those dreams they set aside so many years ago. This may explain why divorce is often initiated by women, not men.

Financial concerns

People who divorce at an older age do have unique challenges not seen in younger couples. USA Today points out that retirement plans can be greatly affected. Often, couples have worked and saved for years, putting together a retirement plan that may include traveling, relocating to a beachfront town, buying a vacation home in another country and enjoying the good life.

However, divorce can change those plans. A plan that was intended for one lifestyle will now have to cover two and this can increase the cost of retiring significantly. People may have to work longer or make adjustments to their retirement plans. For example, they might have to downsize to a smaller home, cut out the idea of buying that dream home on the beach or eliminate luxury expenses.

When people in Tennessee are considering a divorce, they may find it helpful to meet with an attorney. An attorney can explain how property division laws work, what their rights are and help them assess their current and future needs.