Finances top the list of divorce concerns for those 50 and older

On Behalf of | Jul 25, 2019 | Divorce

Louisiana residents of all ages can find themselves in an unhappy and unsuccessful marriage and decide they want to divorce. There are different issues that lead to divorce, depending on the personal circumstances. For younger people who have yet to become fully established in their careers, it will differ from an older couple who might have a business, are preparing for retirement and whose children are grown up. Having the right legal information about these concerns is crucial.

The number of people 50 and older who have gotten a divorce in recent years is twice what it was in 1990. For those who are of modest means, divorce for older people – also referred to as “gray divorce” – can have personal and financial implications. Health problems can coincide with the stress of a divorce. There can be depression. And, of course, their finances can be severely impacted in a negative way. If it is a divorce for a second or third marriage, it can be worse.

Another consideration is income. Older females in particular frequently face this problem, as they were oftentimes the “stay-at-home” spouse. Standard of living is such that a person who is living alone will not need to earn as much as a person who lives with children. For women 50 and older, their standard of living reduced by around 45%. That is twice what younger women experience. It is also problematic for older men, whose standard of living drops by around 21%. Younger men were shown to experience no ill-effects. These were not short-term either, as the financial worries lasted for as long as 10 years.

Since people over 50 are nearing the end of their prospective working life, the financial struggles, in some cases, cannot be fixed. Women who stayed at home during the marriage oftentimes will not merge into the workforce seamlessly. Once these people retire, poverty is prevalent, with women 63 and older reaching 27% in the poverty rate. Even people who are successful in their vocation can be damaged by a divorce. While the overall number of divorces is reducing, the rate of gray divorces is rising and is expected to continue to rise.

When considering a divorce at any age, it is important to understand the ramifications. Understanding divorce law and all of the issues that are part of these cases is imperative.

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