The divorce rate has doubled since 1990 for Americans over 55. For couples over 65, the rate has tripled.
And in financial terms, few “gray divorcees” are better off.
Gray divorce has surged in recent decades, federal data show, even as the divorce rate for younger Americans has declined.
“One in 10 people getting divorced today is 65 or older. That is remarkable,” said Susan Brown, distinguished professor of sociology at Bowling Green State University in Ohio. “A growing share of aging adults will be aging alone.”
Several demographic factors shaped the gray divorce phenomenon, researchers say: The American population is aging. People are staying healthy longer. Couples are marrying later.
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Gray divorce exacts a steep cost
In dollar terms, divorce is costly to anyone. Yet, for older Americans, the costs are steeper.
“I haven’t seen a scenario in which either partner is better off financially,” said Elizabeth Windisch, a certified financial planner in Denver.
A man can expect his standard of living to decline by 21% after a gray divorce, according to research by Brown and her colleagues. A woman’s standard of living will plunge by 45%. Both partners see their wealth decline by half.
Women seem more likely to initiate a gray divorce, Brown said. And women tend to fare worse after the parting, at least in financial terms. Women are more likely to take custody of the children, along with those costs. Women…
