Nowadays, an increasing number of baby boomers are deciding to finally call it quits in their marriages. A new study shows that a quarter of new filings for divorce are by people 55 years old and older. This new era of what are known as gray divorces is due in part to the fact that baby boomers today in Illinois and other states feel more financially secure due to the recovery of home prices and the stock market.
Baby boomers are deciding to divorce because their children are older now, so they no longer have to worry about taking care of them. In addition, currently in America, life expectancies are longer and people now want more individualism, thus fueling the increase in divorce filings. The rising rate of divorce among boomers is expected to continue to the year 2030 as people who are unhappy gain financial independence and choose not to live with their partners anymore since they do not have to, financially, do so.
When splitting assets during divorce, it is wise for people to focus on splitting their retirement assets first. This is especially important for those nearing retirement. Then, it is wise for people to keep these assets in their savings accounts if they do not need the money to survive financially on a daily basis.
When older individuals get a divorce in Illinois, it is imperative that they understand their rights when it comes to the division of property. What may appear to be an equitable division of marital assets on paper might not be one in real life. Appropriate legal guidance may help individuals going through divorce to protect their best interests when dealing with financial matters.
Source: philly.com, “Financial security pushes couples to divorce court“, Erin E. Arvedlund, Aug. 9, 2015