Posted on behalf of Jeffrey N. Greenblatt of Joseph, Greenwald & Laake, PA
People in Maryland may have heard about recent studies that seek to capture the true and accurate picture of couples in the United States. This can be a tricky proposition, because the happiness of couples can’t simply be measured by the divorce rate. While sociologists seemed content that the health of American marriages was under control for many years, they perhaps weren’t looking too far past the overall divorce rate.
A closer look, though, reveals that marriages are still potentially at risk, and divorce rates among certain age groups are actually skyrocketing. In particular, divorce rates seem to be increasing among the oldest Americans. Since 1990, the divorce rate for people between the ages of 60 and 65 has tripled, and has increased even further for people 65 and older.
Some have attributed this increase to the fact that older people are more likely be on their second or third marriage, and statistics show that these marriages tend to be more unstable and don’t last as long as most first marriages.
Divorce later in life poses some unique challenges that people must consider. For one, older people may be living on a fixed income, and their earning potential is not what it once was before they retired. Having to split up a couple’s assets through property division, paying for the expenses of two separate households, and the potential of monthly alimony payments make divorce an expensive proposition.
People in second or third marriages aren’t doomed to fail by any means, but after going through divorce legal issues once, hopefully these people have learned a thing or two. Anyone considering getting married later in life should consider a prenuptial agreement, which will provide asset protection and peace of mind for those marriages which don’t end happily ever after.
Source: Time “Divorce Watch: Couples of All Ages Are Less Stable Than Ever,” Belinda Luscombe, March 31, 2014