As more people 50 or older end their marriages, more eyes are on what is often called 'gray divorce" and what it entails. Texas residents might like to know about a study from Bowling Green State University that focuses on the financial implications of this phenomenon.
The study found that a person's wealth could decline by as much as 50 percent after a gray divorce. Additionally, it is difficult to recover from this loss of wealth. This is because it can be difficult for older people to find jobs and grow assets again. Additionally, an older adult may not have as much time to rebuild as someone who divorces while younger.
Another reason divorcing later in life can be challenging is that many people have financial obligations for children going to college. When one's assets do not recover, this can also have a lasting impact on children and grandchildren.
While the value of one's estate can diminish with a divorce, there is still some good news when one gets a divorce later in life. The assets a couple may divide when dissolving a marriage while older are often substantial. Compared to men under age 50, divorced men older than 50 could still have as much as $165,000 more in total assets. Women older than 50 may have nearly $50,000 more than those who are younger.
It is difficult to say whether age plays a role in how easy it is to go through the divorce process. Older individuals may have more assets that are subject to division. However, younger people might have minor children. Those with kids may need to figure out parenting plans, child custody, and child support. This all might indicate that those of any age have many things to discuss with their family law attorneys.
