Protecting Your Finances in an Illinois Gray Divorce

 Posted on July 07,2022 in Divorce

One of the fastest-growing groups of people who divorce are those 50 years of age or older. Divorce involving older adults is commonly referred to as “gray divorce.” According to national statistics, since 1990, the rate of gray divorce has doubled. Currently, approximately 25 percent of all divorces that are filed each year in the U.S are by couples who fall into the gray divorce category. It is predicted that by the year 2030, there will be more than 828,000 gray divorces each year.

Impact of Gray Divorce

Unfortunately, study after study reveals that when an older person divorces, the emotional and financial impact of the marriage ending can be even more significant than for their younger counterparts. Older individuals are often left feeling they wasted their lives with the wrong spouse and fear they will end up living what is left of their life alone. Studies show that the levels of depression are higher for a person going through a gray divorce than it is for a person whose spouse has died.

But it is not just the emotional impact that can be devastating for a person going through a gray divorce. The financial impact can be brutal.

A person who goes through a divorce after the age of 50 can expect their “net worth” to drop by at least half. Unfortunately, there are very limited – if any – ways to financially recover from that decrease.

Studies also show that this financial impact hits women harder than it does men. When a woman over the age of 50 gets divorced, their standard of living plummets by 45 percent. That is double the decrease for younger women who divorce.

An older man’s standard of living declines by about 20 percent after divorce. Divorce does not appear to have any measurable impact on younger men’s standard of living.

Sadly, women over the age of 62 who have gone through a gray divorce have a poverty rate of almost 30 percent, more than any other group, including women who have lost their spouses through death.

Contact a St. Charles Divorce Lawyer for Financial Protection

If you are a woman over 50 who is facing the end of your marriage, you need to make sure that your marital rights are protected and you get your fair share of the marital estate. A skilled Kane County divorce attorney from Shaw Sanders, P.C. will aggressively advocate for you, making sure that the division of assets and property is a fair one. To find out how our firm can help, call 630-584-5550 today to schedule a free and confidential consultation.

Source:

https://www.bloomberg.com/news/articles/2019-07-19/divorce-destroys-finances-of-americans-over-50-studies-show