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Baby boomers have special considerations in divorce

Values and ideals change from generation to generation. In many ways, baby boomers were the first generation to socially accept divorce. They are also the generation that is reaching retirement age right now. So, it should be little surprise then, that baby boomers have a higher divorce rate than many other generations.

Recently, lower divorce rates among millennials have made headlines. However, the fact that millennials are not divorcing at high rates currently could change in the decades to come as their marriages shift and evolve over time.

For now, it seems that baby boomers hold the dubious title of the generation divorcing the most. Those belonging to this generation who want to end long-term marriages should pay attention to certain important considerations.

Divorcing later in life means altering retirement plans

Divorce at any point in your life can be an expensive and difficult process. The closer you are to retirement age, however, the more significant the impact divorce can have on your financial circumstances. For starters, divorces that take place close to retirement age often involve substantially more assets. That can mean a longer term of litigation and therefore more attorney and court costs.

Even if your divorce expenses are lower, you will have less time to potentially rebuild your nest egg before retirement. You may need to work for additional years, change your retirement investment strategy or adjust your plans for retirement based on your post-divorce financial circumstances.

Your kids are more likely to take sides as adults

Young children and teenagers whose parents divorce often feel vulnerable and worried about abandonment. They may do everything in their power to avoid alienating either of their parents during divorce proceedings. However, adult children often have a very different reaction to divorces. Adult children can and will have developed their own opinions about their parents' relationship over the years.

It is likely that they will hold one parent responsible for the demise of the relationship. You should prepare yourself for strong emotions from your children when you advise them of your impending divorce. Prepare yourself for the emotional upheaval the announcement will cause and try to remember to be compassionate toward your children as they work through their feelings.

Those with more assets may need more protection

Baby boomers have had more time than members of Generation X or millennials to acquire personal wealth. That is a blessing in many cases, but a curse in divorce. The more assets you have, the harder it can be to divide them up.

You will want to work with an experienced Colorado divorce attorney to ensure that the outcome of your divorce is as fair as possible. From strategizing for court to negotiating an uncontested divorce to maintain control of the process, having help when you need it can prove invaluable when you face divorce.

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