Divorce rates across age groups have leveled off, except for those 50 and older. In fact –divorce rates have gotten higher in that age range.
Divorce in Over 50 Doubled
In fact, divorces in couples over 50 have almost doubled what they were years ago. According to the National Center for Family and Marriage at Bowling Green State University, one in four couples today is a divorce of a couple over 50.
Especially Hard Financial Hit
Divorce in any age group has financial consequences, but for those facing retirement, a divorce can be especially hard hitting in the financial department. According to Chris Chen, a financial advisor at Insight Financial Strategists,”When people spend a lifetime together and they look at finances together, when divorce comes, it’s a different thing.”
As people tend to reach 50 and plus, they have usually accumulated more assets, more retirement accounts, and potentially more debt. Going through a divorce at this stage might not allow as much time to course-correct bad planning decisions.
Financial Planner or Divorce Financial Analyst
To help mitigate any financial issues that you might face in addition to your divorce, you might consider working with a financial planner, or a certified divorce financial analyst. They will be able to look at your retirement plan history and can help you and your soon-to-be ex to avoid any potential financial pitfalls that might occur when the divorce becomes finalized. They’ll help you review your retirement assets, including 401K plans, your property, social security and spousal benefits, as well as what your new financial profile will be now that you are going to be single. Taking care of your financial future might help to ease the stress surrounding the divorce process.
Source: CNBC, Divorce after 50: It’s complicated, especially if retirement is near, October 20, 2014