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Divorce later in life can have huge financial repercussions

On Behalf of | Jan 23, 2020 | Divorce |

The rate of marital dissolution has nearly doubled for people age 50 or older since the 1990s. In fact, this rate has actually tripled since that period for people age 65 or older. Unfortunately, divorce this late in life can have major financial consequences for individuals in San Antonio.

The reality is, people who divorce when they are older are usually not as financially secure as widowed or married older adults are. In fact, research shows that, for this group, poverty rates tend to be high, and benefits from the Social Security Administration tend to be low. Part of the reason for this is that, when people divorce as older individuals, they do not have much time to recover financially from the divorce.

However, late-in-life divorce is rampant, partially because many baby boomers divorced when they were young adults and continued to experience marriage instability as they got older. This is true, considering that second marriages are often not as stable as first marriages are. As a matter of fact, the rate of divorce for older people who have had more than one marriage is two times that for people who have married only one time.

Because divorce later in life can leave people in a rather precarious situation financially, it only makes sense for people age 50 or above to consult an attorney as soon as possible before embarking on the divorce process. An attorney in San Antonio can provide them with advice related to matters like property division and spousal maintenance. The attorney will strive to help the client to achieve a fair and comprehensive settlement with the other party, keeping his or her best interests at the forefront from start to finish.