By Lili A. Vasileff CFP®, MAFF™, CDFA™
Gray divorce is unsettling. Couples 50 years and older can face big financial surprises. Quoting from my article series for Psychology Today, the gray divorce rate has doubled since 1990, and for those 65 and older, it has tripled. The increase in breakup rates is mainly first marriages, and more than 55 percent occur with couples married for more than 20 years. Researchers predict that by 2030 the divorce rate for the gray divorce population will triple.
Generally, the older you are, the more complicated divorce is. Divorce is multidimensional and emotions overlay legal and financial issues. Older couples face a lot of challenges which may include:
- Demanding careers or involuntary retirement
- College tuition bills for children
- Adult children or elder parents requiring financial support or caregiving
- Reduced economic cushions due to market volatility, inflation, and shrinking financial security
- Insufficient cash flow to meet living needs
- Health care worries
Read the full article at ADVISOR Magazine.
