Baltimore & Towson Lawyer Discusses The Divorce Rate For Baby Boomers
Although divorce rates have generally dropped or at least stabilized in recent years, baby boomers are divorcing at record rates, according to recent data from the American Academy of Matrimonial Lawyers (AAML). The study reveals that among AAML’s 1,600 members, 61 percent of the respondents indicated that they have seen recent increases in divorce rates among couples over the age of 50. Additionally, 22 percent of those respondents indicated that it is the wives who initiate divorce proceedings most of the time.
Research conducted by Bowling Green State University has revealed that the divorce rate among baby boomers has almost doubled in recent years. Even the best Baltimore divorce lawyers can attest, divorces involving older couples can raise some unique issues not always found in other divorce proceedings. For example, baby boomers already may be receiving social security benefits and possess assets such as retirement accounts, pensions, and business interests. Figuring out how to divide all of these assets during divorce proceedings can be tricky. Spouses who are divorcing after lengthy marriages also may have issues related to alimony and medical insurance coverage that can complicate their physical separation. These are all issues that the best Baltimore divorce lawyers and their clients must be cognizant of and be sure to address in great detail in final divorce settlements or litigation.
In a long-term marriage with individuals over the age of 50, it is more likely that one spouse, did not work, or worked only on a part-time basis, in order to raise children or stay at home more of the time. In this case, one spouse is definitely at a disadvantage in the divorce in terms of earning capacity, retirement assets, and health care coverage. For those reasons, one spouse ultimately may be ordered to provide the other with alimony payments, insurance, and a portion of his or her retirement funds, either on a temporary or permanent basis.
The divorcing parties at this age also are more likely to have fixed incomes, which may make property and asset division all the more crucial as they rapidly approach retirement, or have already retired. A divorced spouse may be entitled to additional Social Security benefits, for example, than he or she would if they were still married and living with their spouse, based on benefit limitations placed on individual households. Spouses also may become eligible for public assistance programs such as Medicaid following a divorce due to the shift in their financial circumstances. Therefore, there are many different variables to take into account when working toward a comprehensive settlement in a so-called “gray divorce.”
Whether you are an individual over the age of 50 or any individual who is seeking a divorce, you will need the assistance of the best Baltimore divorce lawyers to help you through this difficult time. Divorce proceedings can bring about a wide variety of issues, including alimony, property division, debt division, child custody and child support. No matter what type of issues you are facing, we can help. Contact our office today and let us explore your options for resolving your divorce together.
Call (410) 321-4994 For a Free Consultation
Call The Law Offices of Amar S. Weisman at (410) 321-4994 to schedule a Free Consultation. The Purpose of the consultation is to determine whether you want to retain this law firm as your Baltimore County & Harford County Family Lawyer. If you do wish to proceed, then you must pay a retainer. See Our Policy on Fees and Costs. The family firm is located next to The Circuit Court for Baltimore County, at 1018 Dulaney Valley Road, Towson, MD 21204.