It is not uncommon today for people to get divorced in their 50s, 60s or even at older ages. Many Florida couples find themselves deciding to part ways for a variety of reasons. Divorce is not easy regardless of your age at the time but if you are in your 50s or beyond, you should take special note to find ways to protect yourself financially.
When you are close to the age of retirement, you must realize that you will have a limited opportunity to recoup any financial losses you may experience as a result of your divorce. This is one of the factors that may contribute to financial problems down the road for people who experience a gray divorce.
According to Bloomberg, women in particular seem to struggle financially after a gray divorce. Records show that for women over 63 who got divorced after the age of 50, the poverty rate is almost 27%. That poverty rate is more than double what men who have gone through a gray divorce experience as their poverty rate at the same age is just over 11%. A woman’s standard of living often declines by 45% after a gray divorce, compared to a drop of 21% for men who get divorced after 50.
If you would like to learn more about the impact that a divorce may have on your financial future based on the age at which you get divorced, please feel free to visit the marital dissolution and finances page of our Florida divorce and family law website.