Since 1990, the divorce rate for couples 50 and older has doubled. Divorces can have both a financial and emotional impact on Illinois residents and others who go through them. Research has shown that those who have ended their marriage may be at a greater risk of higher blood pressure or excessive weight gain. Individuals who get a divorce later in life can see a decline in both their net worth and their standard of living.
Those who get divorced after the age of 50 will see their net worth drop by about 50%. Women will see their standard of living decrease by 45% while men will see their standard of living drop by 21%. Furthermore, most who get divorced later in life don’t see any type of financial improvement in the years following the end of their marriages. For women, this is partially because it can be harder to find a job after spending years raising a child.
Women who are 63 and older and went through a gray divorce have a poverty rate nine times higher than couples who stay married. For some, a divorce can make it harder to do a good job at work, but some researchers say that this is more of a problem for smaller companies. Typically, larger companies have the resources to compensate for an executive who is distracted by problems at home.
A person who is thinking about filing for divorce may want to hire an attorney to help with his or her case. Doing so may make it easier to negotiate a settlement that allows an individual to obtain alimony or marital assets such as a home or bank account. Legal counsel may be available to assist in a case whether it’s resolved through mediation or litigation.