The divorce rate has doubled for people over 50 since 1990, according to the AARP. This is for a variety of reasons: people living longer, children not being used to stay together, and a smaller stigma about couples splitting. Also, there are more women working, and some are earning more than their husbands.
AARP says the surge has started the term “gray divorce” for people who divorce after 50. Older adults can be financially vulnerable after a gray divorce. You end up with half of what you were planning on having for your retirement. Here are a few tips to help the older adults divorcing from Francine Baras:
1- Find a support system. Your friends and family may not be around the corner, and you may not want to talk to them about it constantly. Find a support group or a divorce coach. It can be a lonely and isolating time, and it’s important to find people that are there for the purpose of your healing. You then won’t feel the need to talk about it constantly with your friends and family, and it can save those relationships.
2- Manage your finances. Most couples this age have been sharing finances for decades, and it’s a good idea to use a certified divorce planner. Going into retirement with a completely different state of finances can be overwhelming, and you’ll want to end the divorce knowing that you’re still ready financially. You may need to consider changing your retirement or savings plan.
3- Choose an Attorney/ Mediator/ Collaborative Process: Finding the right kind of representation is critical. Choose an attorney in Orange County that has substantial experience in family law. Look at AVVO rating and read consumer reviews. If it is a low-conflict divorce, you may only need one attorney.