Hartley Law Office, LLC

Hartley Law Office, LLC

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Rate of couples over 50 who divorce continues to climb

While the divorce rate among younger couples has declined or, in the case of couples between 40 and 49, climbed slightly, the rate of those over 50 who choose to end their marriages has skyrocketed over recent years. Between 1990 and 2015, the number of people over 50 who divorce each year has doubled from about five per 1,000 to about 10 per 1,000, or one in 100.

There are a number of reasons for this. For starters, because people are living longer they may have more of an incentive to consider getting a divorce and, to their reckoning, moving on with life.

Furthermore, people over 50 in the Dayton area may be less worried about how a divorce looks to their social circles or to their faith community. They also may have more of a feeling that they can support themselves independently even in their old age.

On the flip side, a gray divorce in Ohio raises a number of important economic issues. For example, a gray divorce is likely to deal a blow to one's finances, including one's retirement savings. While some might assume that the extent of the fallout is losing 50 percent of one's wealth, the reality is that, for a number of reasons, the real economic consequences can be far worse. Any significant financial loss late in one's career can be disastrous, and, at best, it could mean one will have to work beyond their planned retirement date.

The possible economic fallout is one of many reasons why a gray divorce in particular requires special sensitivity in handling. A skilled attorney in the Dayton area can be helpful in this respect.

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