Most people who live in Florida understand that marriage is both an emotional and a financial arrangement. That, in turn, makes divorce both an emotional and financial experience. The losses associated with the end of a marriage impact people on both of these levels. When a divorce takes place after the age of 50, the impact on a person's financial life and future can be particularly devastating according to some research.
As reported by Yahoo Finance, one report recently reviewed found that men who had experienced a divorce after the age of 50 had a poverty rate of just over 11%. By comparison, women in the same group had a poverty rate of nearly 27%. For married persons, the poverty rate in this age group is three percent.
One of the biggest problems facing couples who divorce when they are nearing, at or even past the age of retirement is that they have little to no time left to recoup their financial losses. When a person gets divorced in their 30s, they have two or three decades left to work and recover the money they lost in their divorce and likely more. That is simply not possible for someone who gets divorced when they are 55 or 60.
People who go through a gray divorce, the term used for a divorce after 50, should expect their wealth to drop by as much as 50%. Sadly, they should also be prepared for their standard of living to decline. For women, that can be by as much as 45% while for men it is estimated at 21%.