Many have heard that the divorce rate among older people has doubled in the last 30 years. What they may not realize is just what effect divorce can have on a person’s finances. Though that can happen to anyone of any age, the difficulties can be particularly pronounced for people older than 50. Fortunately, experts have advice for anyone here in Georgia who falls into that category.
Researchers warn that people who divorce after age 50 could see their finances cut right in half. This is not only due to the division of assets, but also because income often drops after a divorce in that age demographic, especially for women. Women over 50 who get a divorce see their standard of living drop by as much as 45%, according to one study, which is twice as much as what younger women experience. Men are not entirely immune either, with older men losing 21% of their standard of living post-divorce.
Unlike younger people, older divorcees have less means to generate income, which can be highly stressful. For those who still work, some studies show that divorce can negatively impact job performance. Researchers also warn that this problem will likely increase as the population ages.
Experts say that one way that a divorced person can improve his or her life is by getting remarried, which can help alleviate depression and financial woes. However, this is not an option for everyone. Social Security may help some people, since, in certain circumstances, one spouse can collect benefits based on his or her ex-spouse’s history of employment.
Overall, it is important that anyone divorcing in Georgia at any age have a clear picture of his or her personal financial circumstances. An attorney with experience in family law and divorce can serve as a valuable guide for those with questions about how divorce will affect their money. It can offer peace of mind and confidence that one’s future is secure.