The concept of divorce has changed significantly since the early 1900s. A 2013 study by Claire Kamp Dush, a sociology professor at the University of Minnesota, highlighted that at the turn of the last century, divorce was viewed as "a fate to be generally avoided." Religious and societal norms emphasized the importance of preserving marriage, often regarding divorce as a failure of personal character and a threat to the social fabric. However, attitudes have evolved over the past six generations. Today, while divorce is still seen as an unfortunate outcome of a marriage, it is recognized as a viable option if one or both parties feel unfulfilled or, in some cases, disrespected or vulnerable in the relationship.
According to the American Psychological Association, as reported in 2022, approximately 40-50% of first marriages end in divorce. The statistics for second marriages are even more concerning, with around 60-67% concluding in divorce. Research conducted by psychologists Jean M. Twenge and Heejun Park, published in the Journal of Social Psychological and Personality Science in 2017, indicated that younger generations have more permissive attitudes toward divorce than older generations.
Despite these shifting societal mindsets, deciding to divorce requires careful consideration and planning. The National Center for Family Marriage and Research reports that, on average, marriages that end in divorce last about 13 years. Additionally, statistics from Frontiers in Sociology and Social Research indicate that women initiate 69% of divorces in the U.S., while men initiate 31%. The reasons for divorce can be complex and varied, generally falling into four main categories: emotional, financial, social, and infidelity. These reasons are not always straightforward, and understanding their nuances can be challenging. Each area has distinct characteristics that often require professional assistance.
Our blog, The Second Act Money Guide, will cover the following areas: personal finances, asset division, legal considerations, tax issues, insurance, and real estate. Experts in these fields will share their knowledge and guidance. Additionally, we will explore the emotional toll of divorce, its impact on children, and how it affects relationships. We intend to give you some tools you can consider using to help create your plan to navigate the often-uncertain path associated with ending a marriage.
Finally, we will provide suggestions for moving forward confidently toward financial stability. "I don’t recommend attempting this divorce journey without some sort of GPS,” says Jason Cole, CFP®. My goal is to provide you with a financial roadmap as you transition from one stage of your life to the next. Hopefully, our blog will serve as a resource to help ensure a better and happier outcome for your future.”
About Jason Cole
For over 20 years, Jason Cole has guided clients, couples, and individuals through the often-complex financial aspects of divorce. During the COVID-19 pandemic, he founded his registered investment advisory firm, Full Court Strategic Wealth, in the spring of 2020. As a Certified Divorce Specialist (CDS®), he offers comprehensive financial and tax planning advice to divorcees, helping them manage their financial lives throughout all stages of the divorce process with objective, firsthand advice. Having experienced divorce, he understands the challenges of navigating these often-uncharted waters.
“Many financial, emotional, and social issues arise during divorce,” says Cole. “Even in amicable situations, it can be a painful process.” He recognizes the challenges and potential missteps associated with divorce. "I help people understand the financial implications of decisions made during the divorce. While the marriage may not have worked out, life continues for the divorced couple and their families, and numerous factors must be considered to ensure everyone can move on."
The Second Act Money Guide Blog appears once a month. If you have questions or seek advice, please get in touch with Jason Cole at Full Court Strategic Wealth at 267.970.6464 or jcole@fullcourtstrategicwealth.com. Visit the website at https://fullcourtstrategicwealth.com/.
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