Divorce at any age isn’t easy, but when it occurs later in life, spousal separation can present some unique challenges, particularly financially. As the rate of gray divorce — defined as divorce that occurs later in life between older adults — ticks up, those challenges are becoming more readily apparent.
“Both partners see their wealth decline by half” on the heels of a divorce later in life, said USA Today, based on a recent report by researchers at Bowling Green State University in Ohio. However, the impact on standard of living isn’t necessarily felt equally. While “a man can expect his standard of living to decline by 21% after a gray divorce,” a woman can anticipate her “standard of living will plunge by 45%.”
Why does gray divorce bring distinct financial challenges?
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