Divorcing and Over 50? Make Finances Your Top Priority
Divorce is a reality for a growing number of aging couples, a phenomenon commonly referred to as “gray divorce”. According to a 2013 study at Bowling Green State University, the divorce rate among adults ages 50 and older doubled between 1990 and 2010. Now, one in four Americans getting divorced is 50 or older.1 The study also found that the divorce rate is 2.5 times higher for those in remarriages compared to those in first marriages. Those in the Baby Boomer generation, people born between 1946 and 1964, were the first to divorce and remarry while they were young, and may experience even more divorce as they age.
Divorces among couples in this age group may have significant assets at stake. At the same time, it is not unusual for one spouse to have a lack of in-depth knowledge about the family’s finances. In those circumstances, the non-moneyed spouse may not be aware of what a fair settlement should be.
Interested in reading more about divorcing over 50?
Tell us a little about yourself to learn more:
- The top financial mistakes to avoid as you navigate divorce
- How to create a financial plan for your new, single life
- How to perform a lifestyle analysis to identify priorities for the finances of divorce