Those who get divorced are 7 percent less likely to be able to maintain their lifestyle in retirement compared to those who don't divorce, according to a new study. Getting a divorce at age 50 or older could make it even harder to maintain a sufficient lifestyle in retirement. Although the divorce rate is stabilizing for California residents and Americans as a whole, it is increasing for those who are 50 and older.
Divorce is a unique experience for individuals throughout California, but there are quite a few common mistakes a person can make when in the process of a divorce. When considering a divorce, there a few checklist items that should be avoided.
While divorce rates have stabilized for most age groups, they have actually surged for spouses 50 and over. In a recent study, it was estimated that 25 percent of all divorces were gray (involved people 50 and older). While part of the reason for the dramatic increase is because the Baby Boomers are aging, there may be some societal factors as well. California couples may want to pay attention to these trends.
Many parents in California have concerns about how they will be able to contribute financially to their children's college expenses. For parents who are going through a divorce, those concerns may be compounded by the impact that the process can have on their finances.
Divorce can cost a California couple $15,000 or more. Increasingly, couples are looking at ways to keep these costs down as well as help ensure their own financial stability after divorce. Using a financial planner and negotiating a divorce settlement instead of fighting over property in litigation may be one way to do this.
Traditional gender roles may play a part on the road to divorce for many couples in California. While many marriages begin on an equal footing in terms of household responsibilities and career advancement, many other couples assume that husbands and wives will follow traditional roles. While each type of marriage may be successful, shifting roles can cause uncomfortable change that could eventually lead to divorce.
Fewer California marriages may start with the couple in traditional roles than in the past, and a study by Swedish researchers says that these equal marriages could be more solid than traditional ones. Problems may arise in more traditional arrangements when change happens. The study found that when women made no money or less than half of their husbands' salaries at the beginning of the marriage and then transitioned to earn as much or more than their husbands, these couples were more likely to divorce than married people who were on equal footing from the start.
When working parents in California divorce, the challenges of child custody and visitation can be not only emotional but also practical. Many divorcing parents are concerned about the potential for losing their close relationship with the children, especially when they no longer share a home on a daily basis. However, divorcing parents can develop a number of options and plans to help the children continue to benefit from a bond with both of their parents while accommodating work schedules and other commitments.
The marriages of California couples older than 50 might be less likely to last than in previous decades. The divorce rate among older couples has doubled in the last two decades, and this could mean additional difficulties for people who have not participated in managing the household finances.
California residents may understand how stressful it can be to split household chores. A Harvard Business School study found that 25 percent of couples who divorced cited disagreements over housework as the main reason. The study looked at 3,000 couples, and those that spent money on items that helped save time on housework were more likely to remain together. This was because they had more time to spend with each other and were generally less stressed.