Psychographic Profile of Divorcees
Develop a psychographic profile of Americans who are asset rich but cash poor and want protection from a divorce, child support litigation, or spousal maintenance litigation. Identify their values, opinions, attitudes, interests, and lifestyles.
Profile of Divorcees
- 57% of divorced adults are women and 71% of divorced adults are white.
- Between 1990 and 2010, the divorce rate among individuals 50 and older doubled.
- The probability of divorce is over 75% for people who run family businesses.
Profile of the Asset-Rich but Cash-Poor
- Millions of retirees that are homeowners have their wealth concentrated in their houses and a very low income.
- Farmers often have equipment and land worth millions of dollars, but little income and difficulty liquidating their assets.
- Between 2013 and 2016 the net farm income fell by half.
Divorced and Asset-RIch but Cash-Poor
- People who divorce after retirement are likely to struggle significantly with loneliness.
- For many farmers, having a supportive and engaged spouse is an important element to the success of their farm, which makes them less likely to sign a prenuptial agreement.
- Furthermore, older prenuptial agreements for farming couples are less likely to hold up in court because the nature of their assets is likely to have changed greatly.
Profile of Farmers
- In a survey, 75% of farmers reported that someone they know has been affected by opioid addiction and 25% of farmers themselves had struggled with opioid addiction.
- 86% of principal farm operators are men and farmers are most representing in the 55 to 64 age group.
Proposed next steps:
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In our initial hour of research we focused on retirees and farmers facing divorce. We recommend continuing our research to further identify these two groups' values, opinions, attitudes, interests, and lifestyles, as well as the way that child support litigation and spousal maintenance litigation may affect them.
Alternatively, we could identify 4-5 of the main challenges faced by people who are asset-rich but cash-poor when undergoing divorce. These challenges could include what they are most worried about, process issues, and more. For each challenge, we would explain why it is a challenge, why it is common, and how it applies specifically to people who are asset-rich but cash-poor.