After many years of marriage, couples in Oregon and elsewhere may realize that they aren't compatible with their spouses. While the divorce rate has fallen in recent years, this is not the case for those over the age of 55. For those who are 65 and older, the divorce rate has doubled since 1990. In addition to the emotional toll ending a marriage can cause, there are also financial concerns to think about when getting a divorce later in life.
Divorces in Oregon and around the country are far more likely to be initiated by women than men according to several studies. After studying more than 300 married couples over a period of 16 years, researchers from the University of Michigan found that women initiate the process twice as often as men do. Other studies have put the figure even higher and suggest that women initiate eight out of 10 divorces. Education also appears to play a role. The American Sociological Association found that women who have graduated college take the first step to end a marriage 90% of the time.
Some people in Oregon might think of a prenuptial agreement as something that is primarily for the very wealthy. While these may be the types of prenups that get the most attention in the news, couples with more modest incomes may also benefit from having one.
In Oregon and across the United States, a married spouse who opts for divorce is bound to feel stress in one way or another. Besides the strain caused by divorce, there is anxiety about how to divide assets and properties in a fair way. Ascertaining which partner gets the house and which spouse obtains the family car is often problematic. When a spouse has a student loan debt, the natural question comes up as to who is responsible for the payments. One rule of thumb is that any debt acquired before the marriage is the spouse's private property.
Getting laid off or fired during a divorce can make an already difficult situation even more stressful for spouses in Oregon and around the country. It can also add a layer of complexity to spousal support negotiations. Spouses who are expected to pay alimony may not be in a position to do so while searching for a new job. On the reverse side, spouses who receive spousal support could need more money to maintain their lifestyle while unemployed.
Financial concerns are among the most important issues to understand and prepare for when Oregon couples are ending their marriages. According to the Social Security Administration, as much as 96% of workers in America are covered by Social Security. People who have been married may be entitled to retirement benefits, even if they themselves have never worked or have little in terms of earnings during the course of the marriage. If one of the spouses qualifies for benefits, the other may be able to claim up to half.
Some Oregon mothers may be among the more than 25 percent of American mothers who stay home with their children or even among the 10 percent of so-called "highly educated" mothers who do so. However, even though many Americans feel the mother is a better choice than the father in caring for a newborn, they do not necessarily agree that her contributions mean she should be entitled to an equal share of assets if the two divorce.
After a couple in Oregon gets a divorce, they probably still have some additional tasks to complete. Couples need to separate their joint accounts and open their own individual accounts. Ex-spouses should be removed as users on credit cards and any other accounts.
When Bitcoin hit the scene in 2009, few Oregon residents understood how big of a deal cryptocurrencies were going to be. It is likely that none realized the impact cryptocurrencies would have in future divorce settlements. Currently, a number of family law attorneys as well as divorcing individuals are finding it challenging to find, place a value on and fairly divide cryptocurrencies.
How to plan for a divorce may be the last things some married couples in Oregon think they have to consider. However, the rate of divorce in the United States is almost at 50 percent. This means that nearly 2 million divorces occur each year. Understanding the divorce process is important as it can lower stress and make the process easier to handle. It is important to know what steps to take before, during and after filing for divorce.