Tag Archive for: baby boom

Arnold Schwarzenegger and Maria Shriver announce separation

Two weeks after their 25th wedding anniversary and four months after Arnold Schwarzenegger end his term as the Governator, Maria Shriver and Arnold Schwarzenegger announced that they are separating.

In their statement, they characterized their separation as amicable and did not mention whether they were filing for divorce. They noted that this was a time of personal and professional transition and arrived at the decision to separate together. Many commentators believe that the split between Schwarzenegger and Shriver represents a growing trend of long-term marriages ending in divorce in the baby boom generation.

Many baby boomers with adult children and children in their late teenage years are beginning to explore divorce as an option. According to a survey conducted by the Pew Research Center, 66 percent of baby boomers reported being less than enthusiastic about staying in an unhappy marriage.

Shriver and Schwarzenegger have four children ages 14, 18, 20, and 21. They indicated that they plan to continue parenting their children together.

Important changes in a person’s life can contribute to stress on a marriage and it has indeed been a time of transition for Schwarzenegger and Shriver. Maria Shriver has had to deal with personal loss over the last year. Her mother died in August 2010 and her uncle, Senator Edward Kennedy died just weeks later. In January, her father died after a long battle with Alzheimer’s disease.

Now that Schwarzenegger has left the Governor’s office after nearly eight years, he has returned to his acting career and has reportedly signed on to appear in another sequel to the “Terminator” move franchise.

Sources: CNN, “Baby boomer breakups and the search for a perfect union,” Amy Wilson, 5/11/2011

CNN, “Arnold Schwarzenegger and Maria Shriver split,” Alan Duke, 5/10/2011

ABC, “Maria Shriver Bore Grief Over Family Deaths, Alleged Affairs,” 5/10/2011

Don’t lose everything when divorcing after 50

Divorce later in life is becoming more and more common. As Baby Boomers in Wisconsin are nearing retirement, many are finding that divorce is an unplanned part of their golden years. In fact, the divorce rate for people over the age of 50 has doubled, according to the National Center for Family and Marriage Research at Bowling Green State University.

Yet, divorcing after 50 can have a devastating impact on your quality of life if you are not careful with your assets. Many of the assets of those in the over-50 crowd are in retirement funds. These, if they are tax deferred, may drop in value when withdrawals are made because taxes will be taken out. Splitting the assets is challenging because of the need to consider these types of issues.

There are some ways to protect yourself from potentially devastating financial decisions. First, you need to be sure that you have legal representation and the advice of a financial planner during your divorce. Both of these will be an asset.

Next, avoid cashing in your retirement accounts during the divorce, if you can. If you make an early withdrawal, you will likely have to pay a hefty penalty. If there is some way you can divide your assets so that the retirement account stays intact, then you may be able to avoid these penalties.

Additionally, make sure you divide your debts in a fair way after your divorce. Pull a credit report on your spouse to ensure you know about all existing debts, even those who might be secret from you. After a lifetime together, it is only fair for the debts to be shared.

Source: Bakersfield.com, “Divorce misstep after 50 can be catastrophic,” Steven Van Metre, 5/13/2011

Baby boomer divorce rates are climbing

A recent study completed by the National Center for Family and Marriage Research shows that divorce rates are climbing up among the baby boom generation in Wisconsin and across the nation.

While most divorce numbers have declined over the past 20 years, the study shows that the divorce rate among people aged 50 and over has doubled.

Some experts suggest that the causes for the increase can be found within the attitudes and abilities of the generation itself. Baby boomers are more likely to have enough money to manage after a divorce. There tends to be less squabbling over dividing the assets because there is usually more than enough to go around. On the other side of the coin, financially strapped marriages can bring about tension that can lead to a divorce.

Infidelity has been identified as a reason that pushes couples apart. Some research suggests that infidelity is the catalyst that pushes marriages to the end in nearly two-thirds of cases.

Children getting older and leaving home also tends to be a major driving factor behind older couples divorcing.

Some experts believe the trend will continue to rise among adults in the 40 to 65-year-old range. Rates, however, are expected to decline as boomers get older.

Baby boomers considering divorce need to evaluate what is going to happen with their assets. Once the assets have had a value placed on them, decisions on marital property division can take place. If you have questions about divorce or property division in Wisconsin, an experienced family law attorney can help.

Source: Fox Business, “Why So Many Baby Boomers are Getting Divorced,” Casey Dowd, 6/23/2011