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1 in 4 divorces involve Americans 50 or older

Suddenly single during your senior years? You are likely among the growing number of Florida residents who are dissolving their marriage after decades with their partners. So-called "gray divorces" in the 50-and-older population have more than doubled nationwide in recent decades, according to information from the U.S. Census. In fact, in 2010, about 25 percent of divorces involve those older than 40.

Experts say this phenomenon was not expected, as previous generations have shown decreases in their divorce rate with age. The current generation, though, is divorcing in greater numbers than ever. Some sociologists say this can be blamed on the baby boomers, who bring a massive surge in divorce whenever they reach a new age group. This generation was the first to see larger divorce numbers, and marital stability is still an issue.

One 63-year-old man said that his divorce three years ago was amicable, but it certainly was not without its challenges. In fact, he spent some time attempting to convince his wife to reconcile after she filed for divorce. They had been married for more than three decades. The divorce has left him rethinking his retirement plans. Other divorcees confirm that they may be forced to stay in the workforce much longer than they expected, largely because of the financial instability that comes with divorce.

Older Americans may experience some difficulties in dividing their long-held assets, including individual retirement accounts and pensions. Real estate can also be a difficult asset to address during property division, and there are also implications for Social Security. These concerns also exist among the emotional challenges that are present during a divorce. Gray divorcees certainly have some special needs and considerations that should be carefully addressed during property division and other stages of divorce.

Source: The Daily News Online, "Suddenly single: Boomers lead the way in silver divorces" Ana Veciana-Suarez, May. 05, 2014

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