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Mark Abzug

An interesting effect of divorce might soon be evident in Florida

On Behalf of | Jul 11, 2014 | High Asset Divorce

When people think of divorce, they often think of the immediate affects of the dissolution of marriage. Very few people think about how the divorce rate might affect the country in decades to come. Florida residents might be particularly interested in learning how divorce rates could affect elderly baby boomers in years to come.

Florida is one of the states that has the highest population of people who are 65 years old and older. This elderly population comprises more 15 percent of the state’s residents. As of now, the elderly population has unpaid family members to help care for them.

That, however, might not be the case for elderly baby boomers in years to come. People are having fewer children and the divorce rate is on the rise. These two factors are set to come together in a way that might necessitate more paid care for the elderly.

When you consider the average cost of a private room in a nursing home is an astounding $83,585 per year, it is easy to see that more residents needing nursing home care might have a traumatic effect on the economy. Around two-thirds of people can’t even afford to pay for one year of nursing home care. Less than 20 percent can afford three years of nursing home care.

While these facts aren’t reasons for people who are in an unhappy marriage to stay in that marriage, they do show an interesting trend. This also shows that ending a marriage on the best financial base possible is necessary for more than just immediate comfort. Knowing laws pertaining to property and debt division in the state can help to ensure you have the best financial foundation possible when the ink is dry on your divorce decree.

Source: PennLive, “Elderly baby boomers: with fewer children and more divorce, who will take care of them?“, July 1, 2014