Pennsylvania residents may have seen headlines talking about the increased risk of divorce for those over the age of 50. However, it is important to note that the risk of a divorce is not the same for every person in that demographic. For instance, older couples who have a relatively high income or those who own property together are less likely to get a divorce.
Research shows that couples aged 50 or older with more than $250,000 in assets were 38 percent less likely to divorce than couples with $50,000 or less in total assets. This was according to a 2016 study from the National Center for Family & Marriage Research at Bowling Green State University. Researchers think that increased financial security may reduce the odds of a marriage ending. Furthermore, those who were still on their first marriage were less likely to divorce compared to those who were remarried.
While there is an increasing number of older couples who are getting divorced, the overall rate is still relatively low. In 2010, there were 10 divorces per 1,000 married individuals who were over 50. However, this is roughly half of the divorce rate of those who are under the age of 50.
The end of a marriage may mean many legal issues that need to be resolved. Older folks who are getting divorced may need to think about how their retirement accounts may be divided or what will happen to a marital home. An attorney can help clients learn more about their rights and develop strategies for dissolving a marriage in a manner most favorable to them.