Divorce is rarely easy. In fact, it can have a tremendous impact on an individual’s physical, emotional, and financial well-being. This may be especially true for those who are over the age of 50 and going through what has been termed “a gray divorce.” According to some reports, these individuals suffer increased rates of depression and high blood pressure. But there finances typically take a hit, too.
A soon-to-be-published study found that those age 50 and older who go through a divorce can expect to see their worth decrease by 50%. This may seem obvious, considering that property division is an important part of the marriage dissolution process, but a 50% decrease later in life can be more significant than a 50% decrease in wealth at age 21.
Another impact of gray divorce is on income. For women who go through a gray divorce, standard of living decreased nearly in half, which is about twice as much as their younger counterparts face. Even men, though, see their standard of living decrease by more than 20%. Again, these massive decreases are attributable to financial stability and the amount of resources most older couples have accumulated over the course of their marriages.
Recovering from these financial losses is challenging for older individuals, too. It is often too late for them to retrain or find a career that allows them to offset their decreased income and lost standard of living. This can leave many divorced individuals frustrated, stressed, and concerned about their future.
As dreary as this may sound, Floridians who are going through a divorce should not let it paralyze them into inaction. Instead, it highlights the importance of aggressively fighting for the financial outcome one needs and deserves. Aggressive divorce attorneys stand ready to assist in that endeavor.