Financial Shock of Divorce After 50
While divorce is emotionally and financially draining no matter your stage of life, it can be particularly tough for older Americans, who often have a more difficult time recovering from the financial impacts of divorce.
A recent Bloomberg article discusses new research concluding that a “gray divorce” – splitting up after age 50 – can be far more damaging to emotional and financial health than divorcing at younger ages, often leading to a prolonged decrease in standard of living, and higher rates of poverty in retirement, especially among women.
According to the article, researchers found that for women who divorce after age 50, standard of living declines by 45% on average – about double the decline for younger divorced women. For men over 50, that decline is 21%, as opposed to a negligible decline for younger divorced men.
It can be more difficult for older people to recover from these financial declines. If a spouse stayed home raising children during the marriage, for example, it can be more difficult to re-enter the workforce after divorce at an older age. Americans who divorce after 50 are also less likely to remarry, which is often a route to regaining financial security.
Distribution of assets and allocation of support in a divorce settlement can have a major impact on your long-term future. If you are separating from your spouse, a family law attorney can help you protect your financial interests and lessen the long-term impact of divorce on your standard of living and financial future.
Read the full article from Bloomberg here: Divorce Is Destroying the Finances of Americans Over 50 .
This article is intended for information purposes only and is not to be considered or substituted as legal advice. This article is based on North Carolina laws in effect at the time of posting.