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Divorces Rising Among Over 50-Year-Old Says Survey of Nation’s Top Attorneys
Chicago, IL, August 3, 2016 – It appears that “gray divorce” could be turning into an evergreen trend. According to a recent survey of American Academy of Matrimonial Lawyer (AAML) members, 64% cited an increase in divorce cases among couples more than 50-years of age. The top three items most commonly fought over during these cases were noted as “alimony” by 83% of respondents, “retirement accounts and pensions” at 62% and “business interests” with a 60% total.
“A rising divorce rate is becoming a very consistent trend with the Baby Boomer generation,” said Joslin Davis, president of the American Academy of Matrimonial Lawyers. “As people live longer, their relationships can change in some very dramatic ways, but spouses within this age range also need to be extremely mindful about the complexities of negotiating key issues involving spousal support and retirement accounts.”
Davis recommends that couples in the over-50 age range who are divorcing immediately recognize and accept that two households will often not be able to live at the same level as one household. She also cautions the supporting spouse in these cases that it is often worthwhile to consider sharing more assets and retirement funds upfront in order to work out an agreement that doesn’t necessarily include alimony. Davis also advises dependent spouses that the prospect of long-term alimony can serve as a very powerful negotiating tool.
In comparison to the 64% of AAML members that have seen an increase in the number of divorces during the past three years, only 1% saw a decrease. In addition to the top three items selected as the issues most often fought over, the next three most common choices selected were “house and other real estate holdings” at 51% followed by “college expenses” at 11% and then 7% choosing “other.”
Founded in 1962, the mission of the American Academy of Matrimonial Lawyers (AAML) is to provide leadership that promotes the highest degree of professionalism and excellence in the practice of family law.
Comprised of the top 1,600 matrimonial attorneys throughout the nation, members are recognized experts in the specialized areas of matrimonial law, including divorce, prenuptial agreements, legal separation, annulment, custody, property valuation and division, support, and the rights of unmarried couples. The AAML Fellows across the United States are generally recognized by judges and attorneys as preeminent family law practitioners with a high level of knowledge, skill, and integrity and enjoy a reputation for professionalism, competence, and integrity.