The number of couples in Michigan and around the country who divorce over the age of 50 has increased more than two-fold over the last 20 years. However, experts say that splitting in later life, a phenomenon known as "gray divorce", can create a unique set of financial problems.
Remarriage has become increasingly common in Michigan, especially among older adults. The Pew Research Center reported that two-thirds of married couples around the country in the 55-to-64 age group have gone through previous marriages. When people enter subsequent marriages, they typically have more assets and children than people starting their first marriages. This situation introduces questions about the division of assets among new spouses and children.
Parents in Michigan and throughout the country may actually become better at raising their children after a divorce. This is partially because they are required to take responsibility for their kids with no or limited guidance from the other spouse. In many cases, parents want to be there for their children after their marriages end despite the stereotypes that society may have. When it comes to divorced fathers, society believes them to be lazy or only partially engaged.
Ending a marriage can be a life-changing experience for anyone in Michigan. Women, in particular, sometimes find financial matters especially burdensome after untying the knot. For this reason, divorcing women are often encouraged to get their investment portfolio and financial situation in order before officially filing for a divorce.
Family court judges in Michigan are given broad discretion when it comes to making child support or spousal support determinations. Typically, the court will consider any compensation or earned income as well as passive income. Passive income might include income from investments or other things. The court may also look at a spouse's salary, bonuses, carried interest, deferred compensation, retirement contributions, employment perks or partnerships distributions.
Michigan law states that marital property should be divided equitably but not necessarily equally in divorce cases. However, what is and is not equitable is often a matter of contentious debate. While states with community property laws require an equal division of marital estates regardless of whether spouses worked, how much they earned or how long they were married, the equitable distribution laws in states like Michigan sometimes leave divorcing mothers who eschewed careers to raise children at a disadvantage.
Cryptocurrencies have been around since the Bitcoin was launched in 2009, and interest and awareness of cryptocurrency holdings have since increased. Cryptocurrencies have also become one of the many different types of assets that divorcing couples in Michigan need to decide how to handle.
The divorce rate in the United States has declined in recent years. However, the divorce rate for those who are 50 and older has increased over the past two decades. One of the possible reasons behind this trend is that there is less stigma surrounding the end of a marriage than in the past. Therefore, older individuals don't feel compelled to stay in relationships that they aren't happy in.
Divorce rates are generally going down. Even so, it's still fairly common for couples in Michigan and other states to untie the knot. In order to get a better idea of why marriages sometimes fail, a study was conducted with divorced individuals who initially participated in a prevention and relationship enhancement program (PREP) before they were wed. The divorced participants were interviewed several years later to find out the reasons why their relationships soured.
Parents in Michigan who are owed back child support might be able to recover payments through state or federal courts. Those who seek to recover via state courts can prepare for court appearances by gathering evidence that they have already attempted to collect outstanding child support from the other parent and that the non-custodial parent has not made child support payments for a significant time period. In cases where the parents were not married when the child was conceived or born, the court may require evidence that the father was made aware of his paternity.