Baby boomers are ending their marriages at record rates, according to new data from the American Academy of Matrimonial Lawyers (AAML).
The AAML polled its 1,600 members and found that among the respondents, 61 percent said they have seen an increase in divorce cases among the over-50 set, with 22 percent reporting that wives initiate the splits most often. In a press release, Alton Abramowitz, president of the AAML, explained the significance of their findings.
“Baby Boomers have regularly been catalysts for social change and getting divorced in their later years appears to be one of the most recent trends,” Abramowitz said. “Alimony, business interests, and retirement accounts certainly represent some of the main concerns that need to be addressed and settled for spouses facing the end of their marriages in this over 50-year-old age group.”
Also known as a “gray divorce,” ending a marriage after 50 can be more financially burdensome than divorcing at a younger age, particularly because social security benefits and retirement funds come into play. And even though the national divorce rate has dropped in recent years, the divorce rate among baby boomers has nearly doubled, according to the National Center for Family & Marriage Research at Bowling Green State University.