The emotional aspects of a divorce cannot be understated, yet it’s often the financial implications of divorce that serve to exacerbate many of the personal challenges one faces during a divorce. Costs associated with housing, health insurance and utilities are just a few of the expenses that a divorcee must find a way to afford on one salary.
A recent study indicates that, for individuals age 50 and older, the financial implications of divorce are even more pronounced and potentially difficult to overcome. For the 2013 study entitled The Gray Divorce Revolution: Rising Divorce Among Middle-aged and Older Adults, 1990-2010, university researchers aimed to examine factors contributing to an increase in the number of so-called gray divorces as well as some of the unique challenges facing gray divorcees.
In addition to the difficult emotions experienced by most divorcees, individuals who divorce later in life must also overcome financial burdens associated with affording retirement. A spouse, who may not have worked or earned much income during a marriage, is likely to take an especially hard financial hit during a later-life divorce.
Many individuals age 50 or older who divorce simply don’t have enough working years ahead of them to recoup the financial losses experienced in a divorce. Funding one’s retirement can become especially challenging if a divorcee doesn’t take steps during the divorce process to ensure for his or her future financial security.
Financial mistakes made during the divorce settlement process can adversely impact an individual’s standard and quality of living. When retirement is on the horizon, it’s important to have a legal advocate on one’s side who understands what’s really at stake. An attorney who is knowledgeable about the unique concerns and needs of gray divorcees can provide advice and assistance to men and women who choose to divorce after age 50.
Source: Pittsburgh Post-Gazette, “Study: Divorce proves tough for couples 50 and over,” Tim Grant, Oct. 24, 2014