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The impact of age and finances on divorces

Understanding how the economy and age might affect divorce rates is important as these factors can affect any marriage in Oregon.

Statistics published in a report from WPBF.com puts Oregon in the number three position nationally for the highest percentage of divorced persons, indicating that 13.4 percent of all Oregonians are divorced. That contrasts with the lowest rates found in New York and New Jersey at 8.5 percent of people being divorced.

Additionally, data from the Centers for Disease Control and Prevention for the year 2011 shows Oregon’s divorce rate to be higher than the national average with 3.8 out of every 1,000 people being divorced as compared to 3.6 out of every 1,000 people nationally. In looking at some of the factors that may impact divorce, both age and the economy should be considered.

Is a bad economy good for marriage?

Some people believed that the drop in divorce rate during the recession pointed to a positive side of poor economic times and even heralded the recession as being good for marriage. A sociologist at the University of Maryland has a different view, however.

Noting that the divorce rate in the United States began to climb again starting in 2008, when the economy began to turn around for the better, the sociologist asserts that people did not consciously choose to stay together for positive reasons but only for economic ones.

His report states that as many as 150,000 couples simply postponed their divorces because they could not afford them. Once financial situations improved, the divorces resumed.

How does age affect a divorce?

People who get divorced when they are close to retirement have to take into account the financial and personal interests related to retirement. Splitting retirement accounts, pension plans or other long-term savings can have big impacts on the futures for divorced persons with few years left to make up retirement funds. As noted by a Huffington Post article, people getting divorced should pay special attention to what assets they choose to keep, give up or split as there can be long-term consequences that they are unaware of.

What should spouses do?

Anyone who is contemplating a divorce in Oregon should contact an attorney as soon as possible. There are serious ramifications to ending a marriage and the right legal input can help to prevent some losses that may be unnecessary in the process. Even if a divorce is already in process, talking to an attorney is wise.

Keywords: divorce, retirement, asset