The number of older people in Illinois and around the country who choose to divorce has substantially increased since 1990, according to researchers from Bowling Green State University. The researchers reported that the number of people who divorced in 2014 and who were at or over the age of 50 was double that in 1990.
In some cases, an older divorcing spouse will want to stay in the marital home but will have trouble affording to do so. Because of the increasing divorce rates among older people, the financial sector is considering creating a new financial product called a divorce mortgage. While it doesn’t yet exist, the product would fill a need.
Sometimes, older spouses will have a limited income that will prevent them from being able to buy out the other party’s interest in the marital home. A divorce mortgage would provide them with funds so that they could do so. Older couples divorce for many different reasons. Some do so because they are bored while others may have simply accumulated a number of small grievances over the years of their marriages. Whatever the reason for a divorce, older people often will have trickier financial issues than will younger people.
When the end of a marriage appears to be unavoidable, a person who is contemplating divorce may want to consult with a family law attorney. Legal counsel may work to negotiate full settlement agreements so that their clients may move forward to the next chapter of their lives while also having their interests protected. Working out agreements and avoiding litigation may save people significant time and money as well.