More older couples are simply choosing to live together late in life instead of getting remarried with their newfound love. The Pew Research Center says that the number of people over the age of 50 who cohabit has jumped by 75 percent between the years of 2007 to 2016. This is the highest increase for any age group, according to the data released in April.
The research shows that over the past decade, the numbers have jumped from 2.3 million to 4 million people over the age of 50 who are cohabiting. The number of people who are cohabiters over the age of 65 doubled to 900,000 during the same time period.
Researchers claim that the numbers reflect the large size of the baby boomer generation as well as their increasing rate of divorce. Gray divorce has doubled among people aged 50 and over since 1990. Researchers also say that people who have gone through divorce have an expanded view of what it is like, which has led them to cohabiting instead of remarrying.
Older couples are avoiding remarrying for various reasons, including not being responsible for their new partners debt. Older couples have more debt to deal with these days, whether it’s a mortgage or student loan debt from paying for their children’s college education. Couples who do not become legally entangled do not take on their debt upon death.
Older couples can still make legal decisions for each other even though they have not remarried. This can be done by becoming each other’s healthcare proxy and power of attorney.
Cohabiting at an older age makes it easier for seniors to live financially because the couple can pool their money to pay for housing, food, entertainment and other necessities.
Divorce is a difficult situation to endure at any age. An experienced family law attorney in Oneida, New York can answer all of your questions about prenuptial agreements before you sign on the dotted line.
Source: New York Times, “More Older Couples Are ‘Shacking Up’,” Paula Span, May 08, 2017