Divorce rates across the board have been going up, as couples who have spent the stressful pandemic together start to part ways. However, they are rising in one surprising group in particular—couples over 50. Many of these adults found new ways of thinking about the world and their lives in the wake of the unique consequences of the pandemic, and some found themselves unwilling to sacrifice more time with someone who no longer makes them happy. Since 1990, the divorce rate for couples who are 50 years or older has doubled, and it is still rising.
There are unique challenges that can occur when older adults get divorced, particularly for women. Women are more likely to face financial challenges after divorce and men are more likely to suffer socially. Studies show that women typically have lower career earnings than men, have less saved at the start of retirement than men and live longer than men. This can present unique challenges when transitioning to a single income as an adult. Both spouses should work with a financial advisor to ensure they understand the full impact of divorce on their savings and financial outlook.
Divorcing later in life is often more complex because older adults tend to have more assets that need to be divided and handled. A grey divorce can include changing beneficiaries on policies, retirement benefits, Medicare benefits, support obligations and more. Thankfully, if a couple has been married for over 10 years and one spouse was fully insured for Social Security benefits, the ex-spouse is eligible for an amount equal to half of the ex-spouse’s benefit without reducing their benefit.
One of the best ways to make grey divorce easier is with help from the professionals at Senior Care Lifestyles and professional mediators. Talking through things out of court can lead to better outcomes in court and ensure that both parties are ready to start anew.
Senior Care Lifestyles specializes in connecting seniors with the right in-home care, assisted living, or senior living community to meet their needs. We have helped hundreds of clients and treat each senior as a valued member of our own family deserving our personalized attention, compassion and respect.
For help, or questions please call us at 410-977-3718 or send a message through our website www.seniorcarelifestyles.com.