If you are one of the many people in California who is getting or has gotten a divorce after the age of 50, you might just have more to be concerned about than your younger divorced counterparts. It has long been known that divorce can be an emotionally grueling experience. Some research has even identified a higher level of depression in divorced people than in those who have been widowed.
Now, new research is finding that divorce – especially divorce after 50 – can wreak havoc with your financial health. Bloomberg reported on the results of studies conducted at the National Center for Family and Marriage Research that shows a person’s wealth can drop by as much as 50% after a gray divorce. Women take the biggest hit as their standard of living declines by more than double that of men.
Poverty rates among women who have gone through a gray divorce, have not remarried, and are over 62 reach almost 27% compared with just over 11% for gray divorced men. People who are married in the same age bracket have a poverty rate of 3.4%. This highlights the significant risk people face when they end their marriages close to or at the age of retirement. The choices people make during their divorce settlements can be vital at this stage of life.
If you would like to learn more about how you might protect yourself and your financial future when approaching a divorce after the age of 50, please feel free to visit the gray divorce and money page of our California family law website.