Florida has long been known as a state that is popular for retirees. The lovely and warm weather all year long understandably brings a lot of people in their 60s or older to the area. Many people in their 50s who may not be retired yet but who are planning to retire in the coming decade or so may also find Florida a good place to relocate to. It seems, however, that many of the people in this age group may also be facing another major life change: divorce.
As reported by MarketWatch, the number of people over the age of 50 who are getting divorced has virtually doubled since 1990. According to an American Community Survey by the Pew Research Center, a good number of these divorces happened in remarriages. For every 1,000 married people, 16 of those divorced had been married at least once before. Divorces in first marriages were found to happen for eight of every 1,000 married people.
After educating children, paying mortgages and maybe even taking care of aging children, the loss of precious assets that happens when couples split up makes divorce at this stage of life a serious financial event. People in this situation should approach their divorce negotiations with extreme care so they can protect their future retirement assets.
This information is not intended to provide legal advice but is instead meant to give residents in Florida an overview of gray divorce and what makes getting divorced after the age of 50 particularly challenging for people compared to getting divorced at a younger age.