How Gray Divorce Can Affect Your Financial Future
Over the past few decades, the divorce rates between couples over 50 (also known as gray divorce) has skyrocketed. While there are benefits to separating later in life, researchers are also discovering the downside to this trend: financial distress.
According to the National Center for Family & Marriage Research, people who get divorced after the age of 50 can experience their wealth dropping by as much as 50%. They also found that these financial stressors disproportionately affect women over 50, who saw their standard of living decrease by 45%. Comparatively, men over 50 only saw their standard of living decrease by 21%, a number that’s still significantly higher than what younger men experienced after a divorce.
Older divorcees also experience prolonged periods of financial distress. This is because for many, it’s too late in their careers to bounce back from the financial destruction caused by their divorce. The National Center for Family & Marriage Research reported in 2017 that nearly 27% of divorced women 63 and older fell below the poverty line. For men, that number is 11.4%.
Gray divorce can be challenging, but sometimes separation is still the right move for each party involved. If you plan on divorcing, it’s always a good idea to consult experienced divorce attorneys like Shah & Kishore to help navigate the complexities of this kind of separation.