Between 1990 and 2021, the divorce rate for those who are 65 years old or older went up dramatically. Some reports indicate that the divorce rate tripled for this demographic in just a few decades.
They are not the only ones. In fact, older adults in general have a rising divorce rate. The rate has been trending upward for couples who are 45 years old and older. Meanwhile, for those who are under 45, the divorce rate has been dropping.
How does this change the divorce process?
This can change the divorce process in a few key ways. For one thing, couples in their 60s are unlikely to have minor children. For younger couples, a divorce often means working out child custody schedules and addressing both physical and legal custody. This can be very contentious, but older couples may be able to skip this step entirely, which can help streamline the court case.
When it comes to financial resources, however, property division can be much more complex. Couples in their 60s tend to have far more assets than couples in their 20s, whether that means business ownership, real estate, financial assets, investments and much more.
A related factor is that these older couples are moving closer to retirement. As a result, the most contentious part of the divorce case may be determining how to split up savings or retirement funds. In some cases, retirement benefits can even be divided with the use of a qualified domestic relations order.
Addressing a divorce case
Do you believe you and your spouse may get divorced this year, and are you anticipating a complicated property division process? If so, be sure you know exactly what legal steps to take.