While the overall divorce rate seems to be declining in the United States, a certain demographic is seeing a marked increase in marriage breakups. For those who are over the age of 50, divorce is becoming more common. Pundits have termed this phenomenon “grey divorce,” and without careful planning, Illinois couples going through a divorce at this age may experience devastating financial consequences.
It is difficult to pin down a specific reason for the increase in divorces for those over 50. One reason may be that divorce no longer holds the social stigma it did in past generations. However, some believe that more couples are willing to leave their marriages and start over in their later years because people are living longer, healthier lives. Also, couples who may have divorced after the children left the home likely remained together longer because of the trend of children living with their parents longer.
After their children leave, some couples simply do not want to spend their remaining years together and are ready to start new adventures in different directions. Of course, some of the same reasons why any couple may divorce can also be present in a grey divorce. Infidelity, addiction and financial incompatibility can lead to a grey divorce as easily as they can in a divorce between younger spouses.
No matter the reason for the breakup, a grey divorce has many implications and risks that divorce between younger couples does not carry. Older couples may have fewer resources and fewer opportunities to earn money. This is why it is critical for any Illinois couple seeking a divorce after age 50 to speak with individual attorneys to obtain solid and thorough legal advice about their options and their rights.