California readers know divorce is a complex process and often leads to financial adjustments for both parties, no matter the age of the couple. However, the financial impact of a divorce is quite significant for couples over the age of 50 as they are closer to retirement and have less time to recoup divorce-related financial losses. Despite the potential risks associated with a later-in-life divorce, gray divorce rates remain high.
Since the 1990s, the rate at which the Baby Boomer generation is divorcing has doubled. Much of the reason behind this is due to the fact that people are living longer than ever, and they often to do not want to spend their remaining decades in an unhappy marriage. If you are age 50 or older and considering divorce, you would be wise to consider how you can make smart and practical financial decisions for the sake of your future security.
Smart choices for a strong financial future
After the kids grow up and leave home, many couples begin to seriously consider their plans for their golden years. For some older couples, they may choose to move forward with divorce because there is less cultural stigma associated with it and more time to rebuild financially. For older individuals choosing to end their marriages, it may beneficial to consider the following:
- Older women tend to be less financially stable than men after a gray divorce.
- For older couples, divorce often means splitting substantial savings accumulated over decades, which can be complex and contentious.
- Older people have fewer career advancement opportunities and fewer years to rebuild their finances after a divorce.
The above information may sound bleak, but it is still possible for you to move forward with divorce and have a strong and stable future. In addition to experienced guidance, it requires careful consideration of all of your options and dedication to making choices that will allow you to have a strong future.
Where should you start?
The prospect of a gray divorce may seem overwhelming to you, which is understandable. By starting with a complete evaluation of your case, you can learn more about how you can protect your future financial interests during this difficult and complex process.
The choices you make during divorce will impact your finances for years to come. With guidance, you can be intentional about your pursuit of a fair property division settlement and financial security in your golden years.