The United States has the highest divorce rate of anywhere in the world, with roughly 45% of American marriages ending in divorce. Education, particularly a college level education has proven a great deterrent against divorce in all age groups except one: people older than 50. According to an NPR article, a higher frequency of breakups among America’s senior citizens is causing a spike in the rate of “grey divorce” or divorce between spouses over 50. Time says people over 50 make up 1 out of 4 of the couples currently going through divorce in the United States. Baby boomers, who experienced the first flare of divorce in their early years, are now at the forefront of the grey divorce surge, as their remarriages were considerably more likely to end in divorce later.
One factor contributing to the increase in divorce among baby boomers is a greater occurrence women’s financial autonomy, or the ability to leave a marriage and support themselves. Another could be increased life spans–people realize they are no longer limited in their days as they once were, and they choose to spend the last 20-25 years with someone else.
Grey Divorce poses many problems to splitting couples, such as the loss of a spousal care during illnesses, the financial cost of divorce, dividing financial resources, and increased medical bills. Women are especially at risk for hardship, as they are still making less money to a man’s dollar but still have a longer life expectancy.
No matter what your situation, it’s important to have a plan and a means to support yourself after your divorce. The following are crucial tips to consider post grey divorce:
- Don’t forget to remove your spouse’s name as the beneficiary on retirement accounts and life insurance policies, health care proxies, living wills and financial powers of your attorney. This can put your ex in odd situations that
- Educate yourself by talking with other friends and family members who have gone through divorce or are financially independent. Many cities have divorce support groups, which can be great resources for coping ideas, especially if you’re going through any emotional trauma.
- Avoid depending on Alimony. If your ex loses their means of income, they can’t pay you. Financial autonomy will give you the greatest amount of freedom to control your own life and the greatest security after your divorce.
- Save Smartly. Figure your own budget so you don’t overextend yourself and leave yourself in a vulnerable position. Think of your long term needs and prepare for the future.
- Be Positive. There are many ways you can look at grey divorce. The only way that actually benefits you is an unwavering positive mindset. It will keep you from becoming overwhelmed with new responsibility and will enable you to fully enjoy your time. After all that’s why you got divorced in the first place–because no good marriages end in divorce. You want things to be better and you took the chance at making them so. Surround yourself with the people you love and make your life better!
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