Divorce issues affected by age and financial status
According to a report published by WPBF.com, couples in New Jersey and New York enjoy the nation’s lowest divorce rate. The study indicated that 8.5 percent of the populations in each of these two states are divorced, lower than in any other state in the nation. Maine had the highest percentage of divorced persons at 13.8 percent of the population begin divorced.
The United States Centers for Disease Control and Prevention data indicates that 2.9 out of every 1,000 persons in New Jersey were divorced in 2011, again lower than the national average of 3.6 out of every 1,000.
Issues still remain and vary with age
Even with a lower than average rate of divorce, the issues that concern divorcing parties remain as strong as in any state. With more people getting divorced after the age of 50 than in prior generations, one of the primary concerns becomes protecting retirement accounts. Whether pension plans, 401k accounts or other investments, these assets are commonly split as part of property division settlements during divorces.
If both spouses in a marriage divorce in their early 30s, the concern about splitting a retirement account is not as great as when two spouses in their 50s or older get divorced. The closer people are to needing to access retirement funds-and the fewer years they have left to amass such savings-dramatically impact how such a split will affect both parties.
A Huffington Post report notes that great care should be taken when identifying which assets to keep after a divorce and urges people to think beyond their emotional wishes or connections to certain items.
The economy can make a difference
A University of Maryland sociologist has suggested that the strengthening economy may in fact be bad for marriages. During the Great Recession, a decline in the number of divorces was seen all throughout the country. Since 2008, however, that number has been growing once again-just as the economy has been improving.
The report’s theory is that when the economy was at its worst, people could not afford to get divorced and instead were forced to stay in marriages that they did not want to be in. Once they could again afford the cost of divorces, they did so, resulting in the rise in divorce rates nationally in the past few years.
Complicated situations require the right help
No matter the reasons for or concerns during divorces, couples are always urged to get good legal assistance when seeking divorces. The long-term ramifications of divorces, including the emotional tolls, can be best directed with the right guidance.
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