Are you a member of the Baby Boomers? I know lots of people who are in the Baby Boomers Generation. The Baby Boomers have changed many things in the past fifty years. The lives of Baby Boomers have included more marriages, and now more divorces than any previous generation. It may be surprising, but it is true, that Baby Boomers have divorced more frequently than their predecessors. And now, the client lists of family lawyers are reflecting this reality.
The sheer size of the Baby Boom generation (some 70 million strong) would indicate a huge potential for marriages and divorces. Add to that the fiscal realities of the Great Recession of 2008 and you have a new equation that must be solved in the settlement of divorce issues. In Georgia, divorces are granted after issues of alimony, equitable division of assets, equitable division of debts, child custody, and child support are resolved. Often, in Baby Boomers divorce, the questions of child custody and child support are not issues because there are no minor children still in the family. However, the issues of alimony and equitable division of assets and debts take on great importance.
The wife may have limited employment history and job skills which leads her to serious anxiety about being able to support herself following divorce. The husband may have been the primary wage earner during the marriage and built up retirement funds that were severely reduced in the Great Recession which leads him to serious anxiety about supporting himself following divorce and retirement. In other words, the pot of money they expected to have for retirement together has been decimated by the economy’s failures of the past five years. Now it will have to be divided to support two households. Health insurance benefits for both husband and wife have become a significant consideration in light of new regulations taking effect in 2014. And, of course, the question of the continued availability of Social Security benefits, takes on even greater urgency, for those as close to retirement age as the Baby Boomers. Baby Boomers divorce has potential for complexity that may be surprising to you.
So, don’t be fooled into thinking that a divorce between spouses will be simpler if you’re a Baby Boomer and your children are grown. There are significant issues that must be resolved equitably before the judge can sign a Final Divorce Decree. If you don’t understand the options in front of you, seek counsel. We’ll be posting a series of articles focused on these topics in the coming weeks. Call Joy if you have specific questions you would like to see addressed in the articles.