According to a study conducted by the National Center for Family & Marriage Research at Bowling Green University, one in four divorces in 2009 occurred to persons ages 50 and older. This amount is double what it was in 1990 and, due to an aging population in the United States, is only likely to increase over time.
Divorce at an older age is typically more difficult than for younger people when it comes to recovering one’s financial health. Spouses going through a divorce over the age of 50 are likely to have significant decisions to make on how to split their assets and restructure their retirement plan, as well as when it comes to issues involving the payment of alimony and child support. The stakes are often greater because the assets tend to be larger for gray divorcees, and the consequences of a wrong decision are far graver simply because the clock is ticking and there is not as much time to make up for any bad decisions.
So what should someone who is over 50 and going through a divorce be aware of both during the divorce proceedings and after the divorce is final to help them transition smoothly into the next stage of their lives?
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