In Missouri and across the country, more people than ever are divorcing after age 50. This poses some unique challenges that aren’t faced by younger divorcing couples. Anyone 50 and over who is considering a separation should become familiar with those challenges first.
One of the biggest issues people face is financial. Divorce can wreak havoc on an individual’s finances, and those age 50 and over are at an especially high risk. That’s because people in this age bracket do not have enough time to make up any losses they might take to their retirement or 401(k) accounts. People in this age bracket are very likely to have children in college, which can further strain their finances. Accordingly, a divorce can also have a major impact even on a couple’s adult children.
Many people find it necessary to seek new employment following a divorce. However, studies show that this is more difficult for people to do as they age. Difficulty finding a job coupled with higher living expenses can strain many older divorcees, who might also find that there are few if any resources available to help them. It seems that society as a whole is not well-positioned to respond to this emerging demographic.
The good news is that couples are less likely to get divorced after age 50 than they are during their younger years. For those who do divorce, seeking advice from a reputable family attorney may prove very useful. By consulting a lawyer, individuals may be able to ensure a more equitable property settlement, thereby mitigating much of the financial damage that might occur due to a divorce.