Divorce: destructive of finances after 50

The media divorce of Amazon's founder, Jeff Bezos, and his ex-wife, MacKenzie Bezos, has staged a problem that affects millions of Americans: separation at middle age. The divorce rate after 50 years has doubled in the United States. since 1990

Ex-millionaires, however, are one of the few to escape a divorce with their finances relatively unscathed. Even the very rich can find it economically exhausting and emotionally heartbreaking. The division of badets after age 50, known as "gray divorce," can be particularly dangerous for your emotional and financial health, much worse than if you were doing it younger.

"Getting a gray divorce is a big financial shock," said Susan Brown, professor of sociology at Bowling Green State University.

But income also collapses after a gray divorce, especially for women. The researchers badyzed the standard of living, adjusted income based on family size, which reflects the fact that a single adult needs less income than a single father with two children still at home. the House. They discovered that when women divorce after age 50, the standard of living drops by 45%. This is about double the decline seen in previous research on younger divorced women.

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Older men see their standard of living drop by 21% after a divorce. Previous studies have found that divorce has a minor or insignificant effect on the income of younger men.

"There is no appreciable recovery on the wealth front," he said. "There is no appreciable recovery in the standard of living."

Finding someone else can also restore your financial situation. But it is not always easy. In an article published in the journal Demography in January, Brown and other researchers estimate that about 22% of women and 37% of men have teamed up again in the decade following a gray divorce.