Older couples who are going through a divorce are becoming the norm, as there has been a surge of divorces for those over 50 years of age. There are various reasons for this, and divorcing later in life can affect finances in different ways than for younger couples.
According to The New York Times, one of the reasons older people are ending their marriages is because they are in second marriages, and the divorce rate is larger than for first-time nuptials. Women are also being more decisive, and they initiate over half the divorces.
This may be due to the fact that females expect more emotionally and are willing to break off the relationship to find happiness either on their own or with another person. More couples who may have been living unhappily together now feel they can split because the kids are finally out of the house.
The Washington Post discusses some of the financial implications of a late-life divorce. Experts estimate that a divorce can increase costs by 30 to 40% due to the fact there are now two households and all expenses are separate. Because of retirement implications and the fact divorce is the biggest destroyer of wealth, it may be a good idea to speak with a financial advisor as well as an attorney.
Some reasons older couples divorce is because they have grown apart and/or one of the spouses wants to get out and experience life. In these cases of amicability, the higher-earning spouse may be overly generous in asset division and support, which is not usually the smartest thing to do.