Surviving Divorce After 50
When talking about gray divorce, you have to consider your current living standards and how you will go about stabilizing your life afterwards. If you’re over 50, there are important health and financial assets that will need to be restructured in order to start you on a sustainable path for the rest of your life.
Some important things to ask yourself: who works to provide for the home? Are you willing to sell your home or some of your belongings to make ends meet? If all this seems over your head, are you willing to educate yourself better about maintaining your own finances, insurance, etc.? Take all the steps you need to ensure you can heal through the process and ultimately, retire well.
Calling it quits after 50?
If you’re going through a divorce later in life you’re not alone — it’s actually a growing trend, leading researchers to coin the phase “Gray Divorce.”
The divorce rate among adults over age 50 doubled between 1990 and 2014, according to the National Center for Family & Marriage Research. For those over 65, divorces tripled during roughly the same period.
Older couples going through the process may be in for a rude awakening when it comes to their nest eggs.
“The biggest difference is time,” said Crystal Alford-Cooper, a certified financial planner and owner of Davita Financial Planning in Savage, Maryland. “An older couple are closer to retirement, so you have less years to make up.”
Having an empty nest may lead to some unexpected issues, said family law attorney Lynne Gold-Bikin, with Wolf, Block, Schorr and Solis-Cohen in Norristown, Pennsylvania.
“After kids are out of the home, that is when they should be saving money,” Gold-Bikin said. “When we talk about gray divorce, it’s the standard of living they now have, and can they sustain it?””