The overall divorce rate is at a 40-year low thanks to millennials delaying marriage, but for baby boomers in Ohio and across the country, the rate of divorce continues to rise. In Franklin County where the population is steadily growing, the divorce rate is increasing, as reported by ABC 6 News. Divorce, however, first requires a marriage, and without a surge in marriages, there may not be enough wedding vows to cause the data to go up any time soon.
While millennials deal with student loans, debts and other financial obligations, alternatives to getting married, such as living together, are becoming more common. For younger married adults with children, however, the divorce rate is lower. Experts claim some of the reasons that married millennials are holding off on divorcing is because of the expense of daycare and maintaining two separate households. With growing responsibilities, married millennials do not seem much different than couples in the baby boomer and silent generations staying together for the sake of their children.
Gray divorces after children leave the home
The number of couples over the age of 55 who are filing for a divorce is growing. A “gray” divorce is no longer an unusual event. Experts expect a surge in the rate of baby boomers dissolving their marriage after their children have left home. For some individuals, a gray divorce may be liberating, mutually agreed-upon and, in some cases, beneficial to one’s ailing health. For others, however, a gray divorce may lessen their financial resources or have a negative impact on their circumstances.
What the researchers found
According to a study conducted by the National Center for Family & Marriage Research, couples who go through a gray divorce should plan on a possible 50% reduction of their wealth. This information is based on a survey conducted on 20,000 Americans who were born before 1960, as reported by Bloomberg through the San Francisco Chronicle. Researchers studied the adjusted income levels for a new household and noticed that women over 50 saw their standard of living lessen by 45% after a divorce.
Taking one’s financial needs into consideration when preparing for a divorce should be a priority. A mutually worked-out agreement regarding support may be a necessary step in meeting and maintaining a new household’s hoped-for living standards.