The assumption used to be that divorce happened mostly to couples in their 20s, 30s and 40s. No longer. Figures released recently by the Pew Research Center indicate that among U.S. adults 50 and older, the divorce rate roughly doubled in 15 years. In 2015, for every 1,000 married persons 50 and older, 10 divorced, up from five in 1990; among people 65 and older, the divorce rate roughly tripled between 1990 and 2015, to six people per 1,000 married individuals.
The increasing rate at which people 50 and older are ending their marriages has given rise to a new term: gray divorce.
Whatever the age (or the hair color) of the people involved, divorce presents a unique set of issues, emotional, psychological, logistical and, of course, financial. For couples who fall into the gray divorce category, “it brings a host of complications, financial and otherwise,” says Certified Financial Planner™ Lili A. Vasileff, president of Divorce and Money Matters, LLC, a firm based in Greenwich, CT.
Here’s a look at 10 serious complications that tend to arise for divorcing couples in their 50s, 60s and older, with suggestions from financial professionals on how to work through them.