Divorce rates in the United States are declining—except for people over 50. In fact, since 1990, the divorce rate for people over 50 has doubled.1 “If late-life divorce were a disease,” says Jay Lebow, a psychologist at the Family Institute at Northwestern University, “it would be an epidemic.” As married couples grow older, the glue that holds many marriages together dissolves, be it children, shared interests, or financial dependence.
KEY TAKEAWAYS
Divorce rates for people age 50 and over are rising.
Household income after a divorce drops for women much more than for men.
At a minimum, you need a divorce lawyer and a certified divorce financial analyst (CDFA) to help you navigate the process.
Make sure to create an inventory of all your assets and your debts.
Don’t forget to include retirement accounts, health insurance, and tax implications.