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Financial concerns come with later-in-life divorce

83003588_S.jpgWhen people in Missouri decide to divorce later in life, they may face unique concerns and challenges. In the past, older Americans often stayed married. In many cases, they were already married for decades and had remained together for the children. Life expectancy was often lower and many people struggled with health problems. As Americans grow older and live longer, healthier lives, they often want to enjoy romantic fulfillment later in life as well. In addition, some older couples are on a second or later marriage, rather than being part of a decades-long partnership with children. These changes have meant that "gray divorce," meaning divorce between two older Americans, is on the rise.

Since 1990, the rate of gray divorce has more than doubled, even while younger Americans are less likely to divorce than they were previously. The social stigma around divorce has been largely eradicated. However, financial concerns may trouble some older people who decide to end their marriages. These concerns are particularly significant for people who are ending a lengthy partnership. For people of any age who are ending a relatively short marriage, divorce comes with fewer costs. When a decades-long marriage comes to an end, however, spousal support may be a factor.

This is especially true if one spouse spent many years at home raising children or caring for the house. At an older age, there would be few expectations of that spouse finding new work. Property division is another significant issue, especially when it comes to retirement funds accumulated over many years of marriage, which are often divided in half.

People who are considering divorce at any stage of life may want to pay particular attention to financial concerns. A family law attorney might work to achieve a fair settlement on property division, spousal support and related issues.

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