With any divorce, there are fundamental concerns that most will face regardless of their age, income and future goals. Still, it can be useful to look at the statistics to determine which demographics are seeing a spike in divorce in the current climate. A recent article discussed the uptick in Baby Boomers getting what is referred to as a “gray” divorce.
Issues that arise in a gray divorce
In the article, people provided anecdotal evidence of the challenges that came up when they were getting a divorce at an older age. One woman who had traveled overseas with her husband to support his career was suddenly facing a drastic life change personally and financially. Her time off the job market and lack of skills that translated to the current work dynamic hindered her earning ability. This is a frequent obstacle for people older than 50 who are entering a new phase of life following a divorce.
Statistics say that while divorce has decreased in general, older people have not been part of that trend. Over the past three decades, twice as many people were getting a gray divorce than they were in the 1990s. This study, conducted by Pew Research, also said that for people over 65, three times as many are getting divorced.
There are signs that a person’s marriage may be on shaky ground. Tensions that were pushed to the side come to the forefront as retirement approaches. With people living longer and healthier lives, they are less likely to remain in an unfulfilling situation.
Financially, older women bear the brunt of the new lifestyle. For older people, it was likelier that the woman would be a homemaker and therefore will not be up to date on skills and training to get a job to self-support. The Journals of Gerontology said that nearly half of older women who divorced had their standard of living drop. It was just over one on five for men.
Being ready for a gray divorce is critical to shore up the future
These are unique challenges for older people in a divorce, but people will need to know how to protect themselves regardless of the circumstances. This is true for people in a high-asset divorce or one of lesser means. It is essential to know what to expect in the case and devise strategies to reach a positive result.
