Divorce can be challenging at any age, but there are some unique hurdles to divorce after the age of 50. Although a married couple might be more financially secure after decades of working and accumulating assets, gray divorce can take a significant financial toll on retirement. People often cite different reasons for divorcing at this age, too.
What about money?
Although every couple is different, divorce tends to hit women’s finances harder. According to the Social Security Administration, 20% of women aged 65 or older who are divorced live in poverty. These women have less financial security than their peers who are still married or who are widowed. This does not mean that women have no hope of a better future after a gray divorce. Women can still set out on a path toward financial security by making sure they understand their:
Why gray divorce?
There are a number of reasons why a couple might decide to call it quits after decades of marriage. For example, some parents decide to stay together until the kids are adults, therefore delaying divorce until their later years. Others simply reach retirement and realize how much life there is still left to live, and do not want to spend those years in an unhappy marriage.
Untangling decades of marital assets can be a complicated task. Many people have specific financial concerns during a gray divorce too, such as worrying about what will happen to their retirement savings. To address some of these concerns, it may be helpful to learn as much as possible about one’s finances and Kentucky family law as early on in the divorce process as possible.