Divorce later in life can be financially crippling

Divorce later in life can be financially crippling

116391239_S.jpgWhile it is important for Illinois residents to always be true to their own needs and emotions, it is important that they also fully realize the consequence that their decisions may have on their lives and futures. This is especially true when a person decides that they want to end their marriage in divorce. A divorce can bring about many emotional, financial, and legal changes that those who pursue it may not be prepared to cope with.

This may be particularly true when the party considering divorce is over the age of 50. Gray divorce, sometimes called later-in-life divorce, happens when the parties are older and may have reached retirement age. Gray divorces have been found to be financially devastating to some individuals and may result in some older Americans living in poverty.

Research suggests that the rate of those living in poverty among divorcees who do not remarry is highest for women who divorce later in life. Women overall end up living in poverty after divorce at a higher rate than men, and men who divorce later in life end up living below this devastating threshold more frequently than their younger divorced counterparts.

It is not hard to understand what this trend exists: older divorcees lose half of their income when the end their marriages, either because they must pay support to their exes or because they are no longer benefiting from the incomes and savings of their former partners. Before choosing to divorce, anyone can seek the legal help of an attorney. Family law and divorce legal professionals can answer the questions of those who are unsure of how divorce will affect their lives.

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