In 2010, roughly a quarter of all those who were divorced in the United States were over the age of 50. In 1990, only about 10% of those who were divorced were over the age of 50. While a divorce can have financial ramifications for most Kentucky couples, those that occur later in life may carry especially significant circumstances. This is because there is less time to replenish a 401(k) or any other assets that were lost when a marriage ended.
It is also important to consider that individuals who get divorced could need to pay rent and other expenses on their own. Furthermore, it is worth noting that those who are older than 50 tend to have greater assets. Therefore, there are still in a relatively stronger financial position compared to younger people who end their marriages. A divorced male over the age of 50 has $165,000 more in assets than someone who has not yet reached 50. Women over the age of 50 who are divorced have $65,000 more than women under the age of 50.
However, if divorce rates among older people continue to increase, it could put pressure on government programs designed to help them financially. Furthermore, it could reduce a child’s standard of living as well as the standard of living for any grandchildren an older divorcee has.
The end of a marriage could mean a person’s life changes in a number of different ways. Individuals may need to find a new place to live, manage their own finances and get past the emotional issues that a divorce could cause. An attorney may be able to help a person structure a divorce settlement in a manner that provides the financial and other resources needed to live comfortably after a marriage ends.