By: Kathleen Longo, CFP®, CAP®, CDFA
In recent years the number of people getting divorced in their fifties and later has been climbing—rather steeply. According to a recent study, one in four divorces are initiated by couples over the age 50.[i]
If a divorce occurs close to retirement it can be incredibly challenging to recover from a loss of assets and, according to Susan Brown, author of Gray Divorce: A Growing Risk Regardless of Class or Education, a study on the rising rates of divorce among older generations, older divorcees have only one fifth of the wealth than those who stay together have. Finding ways to end a mid-life marriage that will not substantially reduce your net worth is critical to having financial stability after your divorce is finalized.