It likely comes as no surprise to anyone in Nebraska that a divorce can be a difficult financial experience. The process of splitting up a marital pool of assets coupled with the fact that it costs more money to support two households on the same income that previously supported only one household can leave each spouse wondering how they can get their financial lives back on track. For people who get divorced after the age of 50, it seems that the problem can be even worse – especially if they are female.
According to Yahoo Finance, many refer to a divorce after 50 as a gray divorce, in reference to the commonly graying hair of people at this stage of life. At a minimum, it has been found that a person should be prepared for their wealth to drop by as much as 50% when they get divorced in their 50s, 60s or beyond. Lifestyles also take a significant dip but that dip is significantly more noticeable for women than for men.
Post-gray divorce men on average experience a decline in their standard of living by 21%. Women, on the other hand, see their standard of living decline by 45% after a gray divorce.
Many women also slide into poverty after a post-50 divorce. The divorce rate for females aged 63 who have been divorced after 50 was found to be 27%. This is said to be nine percent greater than for married persons. For men who have gone through a gray divorce, the poverty rate was noted to be just over 11%.