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Retirement assets may be impacted by divorce

On Behalf of | Apr 16, 2014 | Divorce

Many couples decide to separate and get divorced in the United States. While couples of all ages decide to get divorced, a new study found that older couples are more likely to get divorced. The study found that baby boomers have a higher divorce rate compared to other generations.

The researchers at the University of Minnesota reported that the divorce rate has remained steady during the last few decades. Even though the divorce rate has remained the same, the divorce rate among the baby boomer generation has been higher compared to other generations. The researchers said that baby boomers started getting divorced in their 20s and 30s, and now even more of them are getting divorced in their 50s and 60s, which has led to a much higher divorce rate among baby boomers.  

The higher divorce rate among baby boomer couples may be surprising to some, but previous studies have found that many older couples are getting divorced after their children stop living with them or they realize they don’t want to spend their retirement in an unhappy marriage. 

Getting divorced at an older age can have a significant impact on a person’s finances, specifically in regards to their retirement accounts. Baby boomers who are thinking about getting divorced in Arizona should be aware of how their retirement plans may be impacted by divorce and take steps to make sure they are still able to retire as planned. 

During divorce, you will have to divide your assets and property with your spouse. This can include dividing your retirement assets so it is best to discuss what options are available for keeping your retirement plans in place before property division negotiations occur. Individuals concerned about their retirement accounts should consult a divorce attorney to discuss what steps to take to protect their retirement goals after the divorce is finalized. 

Source: The Washington Post, “Divorce is actually on the rise, and it’s the baby boomers’ fault,” Christopher Ingraham, March 27, 2014