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Increase in Baby Boomer divorce rate is fueled by many factors including changing personal interests.It may be no surprise when a couple who marries on a whim after a short romance decides to divorce, but when a couple who has been married for decades makes the same decision, it’s a different story. Yet, “gray” divorces continue to be on the rise.

What could cause a couple who has been married 20, 30, even 40 years, raised a family and survived numerous ups and downs that life threw at them, to suddenly call an end to their relationship? Turns out there are many reasons–from evolving personal interests to increasing financial independence. To learn more about the factors fueling the Baby Boomer divorce trend read “20 Bitter Truths Behind the Escalating Divorce Wave in the Boomer Generation.”

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Couple with house key walking up to white home with window flower boxes.Married life may not be for everyone, but living with your significant other comes with its own set of financial challenges. Sure, cohabitating couples enjoy some of the same financial benefits their married friends do, namely shared living expenses: one mortgage or rent, shared utilities, combined grocery bills, etc. However, this type of living arrangement has some economic drawbacks.

Did you know that if you aren’t married but open a joint bank account with your partner, half of all deposits you make to that account are considered a gift to your partner? And, if over a certain dollar amount, those “gifts” must be declared as such on your partner’s tax return? Also, despite your commitment to each other, you are not considered family when it comes to medical matters, nor will you be each other’s default beneficiary. Before committing to not tying the knot, be sure you have the right legal documents in place to protect your financial interests. To learn more, read the Forbes article, “Unmarried and Living Together? Be Aware of These Financial Challenges.”

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Hand slicing through puzzle pieces representing marital assets distribution in a divorceDivorce is a highly emotional process, and it is safe to say couples sometimes let these emotions guide their decision making. There are certain aspects of divorce, however, that are better handled with a clear head, namely decisions affecting your children and your future finances.

One of the most contentious steps in a divorce is deciding on the distribution of assets. When you are making demands based on anger and hurt, it is nearly impossible to reach a fair and equitable agreement. But for your own long-term well-being, and possibly that of your children, now is the time to consider the implications that taking or giving up certain assets may have on your financial future. For an understanding of the different types of assets you may have, as well as their costs and associated taxes, read “What you need to know about splitting assets in a divorce.”

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Woman hiding head in navy sweatshirt symbolizing fears associated with divorceLike all endings, divorce is a highly emotional process, and one of the strongest emotions it elicits is fear – fear over how people, particularly your children, will react … fear over money and financial stability … fear over what the future holds. But fear, when not confronted, can lead to inaction and, when it comes to unhealthy relationships, inaction may not be the best solution for anyone involved.

Looking at these fears head-on and considering the options for handling them can ease some of the stress and struggles couples experience during the divorce process. For a look at some of the more common fears associated with divorce and some mechanisms for coping with them, read “4 Common Divorce Fears (and How to Cope).”

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How to tell kids of all ages about divorce; photo of legs of three kids, different agesOnce the decision to divorce is made, the next important step for a couple is to break the news to their children. But how do you tell them that the family structure as they know it will no longer look the same, while reassuring them that they will continue to be loved and cared for by both parents?

Obviously, the age of the child will have a lot to do with the words you choose and the details you offer when explaining your decision to divorce. For some guidance, read “An Age-by-Age Guide to Talking to Kids About Divorce.”

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Couple sitting back-to-back with wall separating them as they deal with post-divorce conflictsYou divorced your ex to escape an unhealthy relationship but divorce itself is not a magical remedy for the issues that plagued your marriage. Chances are whatever behaviors led you and your partner to separate will still exist after the divorce. The trick is to not let these issues continue to impact your life.

Learning how to manage conflicts with your ex post-divorce is the first step to a fresh start on your new life. For some guidance on how to do this read, “6 Tips to Help Deal with Post-Divorce Conflict with Your Ex.”

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Young child with paper doll cutout of parents and child depicting parallel parenting arrangement after divorceIt’s no secret that children do best when both parents are involved in their lives. This holds true for children of divorce, too, and it’s the reason many divorced parents choose to co-parent as part of their custody arrangement.

Co-parenting allows parents to continue working together to raise their children even after their marriage ends. But it requires cooperation and the ability to put up a united front in matters pertaining to the children. This isn’t something all parents can do, especially if they have a tumultuous relationship and have just gone through a contentious divorce. When co-parenting continues to expose children to tension between their parents, it could have a harmful rather than healing effect.

So, what are parents to do when they want to remain active in their children’s lives but simply cannot work with their ex? Consider the alternatives, one of which is parallel parenting. To learn more about this parenting arrangement, read “What Is Parallel Parenting?”

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Divorce-Tax-Returns-FL-blog-300x200It’s that time of year again when most of us are sitting down to prepare our income tax returns, or at least thinking about it. If you are newly divorced, don’t neglect to consider the impact that change may have on your tax returns.

One of the biggest changes may be in your filing status. Don’t be in too much of a hurry to check the ‘filing single’ box, though. Filing status is determined largely by your marital status as of December 31 of the tax year you are filing for. So, unless your divorce was finalized in 2022, you still need to select one of the married options when filling out your returns this year.

Filing status isn’t your only consideration. There may be changes in reportable income and deductions that you should be aware of, as well. To learn more, read “Do You Know How Divorce Will Affect Your Taxes?”

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Annulment vs divorce - 2 sets of folded hands, house keys and a gavel depict couple contemplating the termination of their marriageMost couples facing the end of their marriage immediately think divorce, but there may be another option available—an annulment. While a divorce is the legal process for dissolving a marriage, an annulment—also a legal procedure—deems the marriage null and void as if it had never occurred in the first place. An annulment is often quicker than a divorce, however, it is not available to everyone. Very specific requirements, including time limits, must be met before an annulment can be granted and those requirements can vary by state.

Before you decided whether to seek an annulment or a divorce, it is important to understand the differences between these two legal procedures, as discussed in, “Annulment Vs. Divorce: What’s The Difference?” If you are still uncertain which course of action to pursue, your Family Law attorney can advise you.

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inflation-divorce-FL-pix-300x200Economists are trying to determine what impact, if any, inflation has on the rate of divorce. Financial problems—a lack of income, rising expenses, disagreements about spending/savings habits—have long held a place on the list of top reasons for divorce. That being the case, it could be assumed that rising inflation and its associated financial stresses could lead to an increase in the divorce rate, but the numbers don’t necessarily support that.

Studies show that although financial stresses can increase marital conflicts in some cases, for most couples inflation has the opposite effect of strengthening their family and marital bonds. For a closer look at what these studies show read, “Rising Inflation Impacts Annual Divorce Filings.”

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