Study explores money issues when older people divorce

 According to a recently published study, there is a growing trend of divorce among those over fifty. The trend, known as “gray divorce,” involves people over 50 years old. In Wisconsin, and nationwide, those in this demographic face unique financial challenges when they end their marriages.

A generation ago, gray divorces were comparatively rare. In 1990, only 10% of divorces occurred among people over 50. As of 2010, that percentage had risen to more than twice that. Researchers have found that leaving a spouse at this stage of life may create significant financial difficulties. The lack of time to recoup monetary losses through work and savings after a later in life divorce can sometimes limits older adults' ability to rebuild retirement funds divided in a divorce. Older adults might also encounter difficulty re-entering the workforce. Expenses for young adult children in college frequently added to their financial strain as well.

The researchers reported that wealth declined for older people by as much as 50% after a divorce, especially for women. Divorced women over 50 had about $50,000 or more in assets whereas divorced men in the same age group averaged $165,000 or more in total assets.

Divorce also requires that people start paying for their separate households, which increases living expenses. To best head off these potential complications, an attorney can explain your rights relating to dividing property and spousal support. With the right legal representation, you can weigh all of your options to set yourself up for the best possible scenario under the law.

No Comments

Leave a comment
Comment Information

Divorce and family law attorneys in Milwaukee, Wisconsin

More Testimonials

Contact Us For A Consultation

Bold labels are required.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Email Us For A Response

Gagne McChrystal De Lorenzo & Burghardt
735 North Water Street
Suite 731
Milwaukee, WI 53202

Phone: 414-914-2833
Fax: 414-273-5554
Milwaukee Law Office Map

Firm image