Increasing numbers of people over the age of 50 are deciding to divorce. In fact, divorce over the age of 50 has increased over 50 percent since 1990.
In many cases, these couples face financial hardships beyond what younger couples experience simply because of their age. Studies have shown that older women have a more difficult time recovering financially after a divorce.
When older couples divorce, the divorce can make retirement difficult. They may have lost half or more of the money they have saved, and it can be tough to make up those assets before a divorce.
In addition, many older women may have been out of the workforce for a number of years due to raising a family, which can make it difficult to find employment.
Many women make poor financial decisions during a divorce that can make a huge impact on their future. They may choose to keep a marital home in exchange for another assets, such as a retirement account.
Only after the divorce may the woman realize that she cannot afford the upkeep on the home. In many cases, it may make more sense to opt for another asset such as cash or a portion of your spouse’s 401k or IRA.
If you are divorcing at retirement age, it’s critical to gather a team of experts who can help, including a financial adviser and an attorney, who can help you in your divorce negotiations. With their help, you can plan the best strategy that will help you financially during your later years.