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The divorce rate among those over 50 is rising. While a separation represents a significant life shift for anyone, those above this age face additional considerations.
A longer marriage means there is more marital property, and at this point, you not only have more assets, but likely more high-value assets. External factors related to wealth and earnings also impact life after divorce. Here are some things to keep in mind.
Few people emerge from a divorce with their finances unharmed. According to a Bloomberg report, one study found those who divorce after 50 should expect their wealth to drop by an average of 50%.
Income also takes a hit. For women above that age, their standard of living falls an average of 45%. For men, that figure is 21%. Younger individuals generally experience a much smaller impact.
It can be hard to fully recover from these changes. You simply do not have as much time to make significant gains before reaching retirement.
If you’re over 50, how should you approach the financial aspect of divorce? One writer suggests viewing it as similar to a business deal. Some of the key issues that need to be resolved include:
There is a lot at stake in a divorce. By knowing the potential ramifications of each decision, you can help plan for the future while protecting yourself and your loved ones.
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