Certainly, there are many young single people or families with young children who live in Florida but the state is also known for being a favored place for older people to move to in their retirement years. This, in turn, makes the topic of divorce after the age of 50 quite relevant for Floridians.
As explained by Kiplinger, in 1990, only 10% of all divorces that happened included spouses past the age of 50. Fast forward a quarter of a century and people over the age of 50 are involved in 25% of all divorces. That jump is something to take note of indeed, especially when one considers the financial impact of getting divorced at or after retirement. The challenge of dividing assets that two people had planned to live on together during their golden years can be quite difficult.
According to Psychology Today, previous divorces may well be one factor contributing to the rise in gray divorce, the term used for a divorce involving spouses over the age of 50. While approximately half of all gray divorces today involve marriages that have lasted for at least 20 years, there can still be quite a lot of these divorces in which at least one spouse had been married and divorced before as well.
Some experts believe that financial stressors may be another contributing factor to some gray divorces, coupled with today’s societal expectations that people hold about their wishes or needs for personal happiness and satisfaction. Anyone who faces a divorce at a later stage in life should carefully review their financial situation to protect themselves during retirement.