At any time in life, divorce is likely to be emotionally and financially destabilizing. If divorce and retirement coincide, strategic divorce agreements are essential to preserve your quality of life into the future.
Last year, a study released by Bowling Green State University uncovered a fact already known to most matrimonial lawyers – between 1990 and 2010, the divorce rate of couples over age 50 doubled.
Points highlighted in the study include the following:
- The United States has the highest divorce rate in the world. Just under half of all marriages are statistically likely to end in divorce.
- Increased health and longevity play a part in the high divorce rate. As people live longer, fewer are content to remain in marriages that lack emotional and physical intimacy.
- As women have achieved financial autonomy, they are more likely to end an unhappy marriage.
- Cultural trends have contributed to weakening the idea that marriage is a lifelong arrangement. From childhood to late life, people commonly experience or witness divorce.
For spouses over 50 or nearing retirement, preservation of wealth tends to be more of a factor than child custody in divorce. If a prenuptial or other marital agreement is involved, the parties can often move forward without lengthy and expensive disputes over asset division and financial support.
For those who enjoy significant wealth but did not sign a prenuptial agreement, a collaborative divorce or other low-conflict process is essential. High-net-worth individuals must protect income, understand tax and retirement consequences, and craft agreements that benefit both parties as they grow older.
If you are considering divorce in Connecticut, seek highly qualified divorce representation.