Most people know about the "seven-year itch," the time when many marriages endure a lot of strain that could result in a divorce. If a marriage can endure these first seven years and last the next seven without a problem, it should be good until the end of life, right? Not so fast.
According to certain statistics, divorce numbers for spouses who are 50 years of age and older have more than doubled compared to 20 years ago. Experts suspect that the following reasons could be the cause:
Changing perceptions about marriage and relationships
The seniors of today look forward to a longer lifespan and when the children are grown up, they might not feel the same amount of pressure to keep their relationships going. Plus, modern seniors may have a more liberal attitude toward marriage – and if they're not feeling deep love for their partners anymore, they may decide to separate and look for this fulfillment elsewhere.
Sometimes, it's a matter of financial planning for long-term care
There are some cases in which couples stay together, but they get a divorce to plan for long-term care expenses. When spouses separate through divorce, they may be able to significantly decrease the income of a spouse who needs to move into a long-term care facility. This could allow the spouse to qualify for valuable government benefits. The spouses might stay together as a couple, but no longer be married on paper.
If you're considering a divorce after the age of 50, there may be some important financial concerns that you're dealing with a part of the asset division process. Often, divorcing seniors have complicated financial entanglements that require special attention.