What's the straight dope on the divorce rate?

Most of us Americans have heard at one point or another that 50% of all marriages end in divorce. Is that true? How is that calculated?

Here

US Divorce Rates

It’s not a made up factoid. Overall it is around 50%.

I am 37, and 50% of my marriages have ended in divorce.

Cecil’s column on the subject: Is it true half of all marriages end in divorce?