In 2012, a study found a surge in divorce among adults who were 50 and older. This age group was divorcing at twice the 1990 rate. Dubbed "gray divorce", researchers say the phenomenon has not slowed, and they have identified several factors that may contribute. Expectations for what marriage can offer have risen, and women are less dependent on men financially than in previous generations and thus more likely to leave their marriages. Longer life spans also may mean people are less willing to remain in an unsatisfying marriage.
Why couples might need a prenuptial agreement
The conversation about getting a prenuptial agreement can be a difficult one, but it can also be an important document for protecting people financially. A prenup may be particularly important for people in Virginia who are going into a second marriage. If one person is bringing significant assets into the marriage, that person might want a prenuptial agreement to ensure those assets are protected in case of divorce. If one spouse earns significantly more than the other, the lower-earning spouse may want to make sure there will be adequate alimony payments.
Understanding bankruptcy and why people file
When most people in Virginia hear about bankruptcy, the first inclination is to think of it as an action taken by a failing business. While some businesses buried in debt do explore this option, bankruptcy is also becoming an increasingly common step taken by individuals and families looking to get a break from overwhelming debt. According to one study, more older adults are filing for bankruptcy to deal with significant debt under certain circumstances.
Why divorce doesn't get easier with age
Children of divorce in Virginia and throughout America are more likely to get divorced themselves. However, it doesn't mean that they will get divorced or that it makes ending a marriage any easier. Since 1990, the divorce rate for older Americans has gone up while it has gone down overall. For those over the age of 65, the rate of divorce has tripled since 1990.
Valentine's Day weddings linked to higher divorce rates
When couples in Virginia think about setting the date for their weddings, divorce may be the last thing on their minds. However, according to research conducted at the University of Melbourne, there is a correlation between the choice of wedding date made by a couple and their later probability of divorce. Couples may select a date for a wide range of reasons. In some cases, they choose one with personal significance; at other times, they choose one that is more convenient for family travel or venue rental. However, people who choose holidays and other special dates may be more likely to face problems down the road.
The facts of missing credit card payments
More than $23 billion in credit card debt is 30 days or more overdue in Virginia and across the U.S., according to a report published by finance site NerdWallet. Missing credit card payments triggers late payment fees, and falling 60 days or further behind might mean paying penalty APR. On some cards the penalty APR may be as high as 29.99 percent.
