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McCurrie McCurrie
& McCurrie, L.L.C.

680 Kearny Avenue
Kearny, NJ 07032-3010
Phone: (201) 467-4180
Fax: (201) 997-9567
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If older parents get divorced, who will care for them?

A recent study from Bowling Green State University has surprised many people: Baby Boomers are divorcing at a rate that is excessively higher than their current age demographic has seen in the past. With this in mind, it means that many couples are experiencing high-asset divorces at a time when saving for retirement and preparing for the unexpected costs of later life issues should be the focus. Dividing investments and bank accounts at a time such as this increases the likelihood that many divorced individuals will experience hardships later in life.

Many are worried that those hardships will be passed onto the children of those individuals. According to reports, one in three Baby Boomers are currently unmarried. Of those unmarried individuals, 60 percent are divorced. With 79 million Baby Boomers in the country, residents of Jersey City, New Jersey, will likely be affected.

When older couples stick together, they usually care for each other. The expenses of living and healthcare are shared rather than taken on alone and a person does not have to perform all of the tasks of a household without the assistance of another. Divorces separate these couples and leave both former spouses fending for themselves -- something that often results in injuries and financial hardships.

According to an expert, unmarried Baby Boomers are much more vulnerable to economic issues. They are more likely to be relying on public assistance than their married counterparts and are generally poorer. Sadly, they are more likely to have a disability and less likely to have health insurance, meaning the costs of the aforementioned disability are likely much higher than they would be for someone with coverage. This cements their reliance on public assistance.

Because of these vulnerabilities, many children are forced to care for their ailing parents. This leaves those now-grown individuals split between work, the families they have created, and the parents that would otherwise be caring for each other had they stayed together.

Source: Reuters, "Double the trouble when divorced parents get old," Chris Taylor, Oct. 19, 2012

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