Trending Upward
Get in the know. “Gray Divorce” is the newest catch phrase and “gray” is the trending color in the world of divorce. The term “gray divorce” is used to describe those who get divorced in their 50s or older. But divorce is still ugly, no matter what the age.
According to Pew Research, in the U.S., “The divorce rate for adults ages 50 and older has roughly doubled in the past 25 years.”
Research shows that many later in life couples have become unsatisfied with their marriages. Very often, their child rearing years are behind them. They’ve been known as “mom and dad” and sadly they’ve grown apart as “man and wife.” In short, when this happens some choose to pursue their own interests for their next stages in life.
That being said, experts do caution that divorce at this older age has its financial downsides. When divorce becomes part of the financial equation, planning for retirement can become burdensome for both parties. Fortunately, child custody battles are often not in the equation, but the legal bills and the emotional battlegrounds are real.
Despite these trending upward numbers for the 50-plus market seeking a divorce, the divorce rate for those younger than 50 is still about as twice as high as it is for adults over 50.
So what’s the take home advice with all these statistics? Whether you get divorced with kids while you’re in your younger years, middle aged years or 50-plus years, at the end of it all your children — be they babies or grown — are still the most valuable asset in your life. (So that’s the only silver lining.)