Getting divorced at any age is difficult. However, those who are going through divorce later in life need to be aware of the fact that their divorce is different than those going through a divorce in their twenties.
A divorce in your fifties can have a major impact on your future financial security. Without a careful plan, those going through this process could find themselves coming up short financially during retirement.
Is divorce over the age of 50 uncommon?
Baby boomers are at it again. The generation known for bucking conventional norms has altered how we view divorce. Divorce after the age of 50 is no longer uncommon. In fact, it is so common that it has its own term: grey divorce.
How can I better ensure I set myself up for a fresh start after divorce?
Those who find themselves going through a grey divorce can take proactive steps to mitigate the risk of a settlement that does not properly account for upcoming retirement. Three steps that help include:
These three steps are a small part of the overall divorce process, but they can help to better ensure that you are set up for a successful start after the divorce is finalized.