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Divorce can have a significant financial impact

On Behalf of | Jul 24, 2019 | Divorce |

Since 1990, the divorce rate has doubled for those who are over the age of 50. There can be a variety of negative consequences for older Pennsylvania residents and others who experience the end of a marriage. Research has discovered that those who go through a divorce at an older age may be more depressed than those who lost a spouse. The financial impact can be significant as well.

Men see their standard of living drop by 21% after a divorce while women see their standard of living drop 45%. This is in spite of the fact that older single individuals generally need less to live on compared to a single parent. Women over the age of 63 who have gone through a divorce have a poverty rate of 27%, which is nine times the rate of those who stay married.

A divorce can also have an impact on the companies that a newly divorced individual manages or owns. The impact can be especially significant for smaller companies where there are fewer employees to step in for a distracted CEO. While the rate of divorce is increasing for older Americans, it is staying steady or declining for younger Americans. This is because younger people tend to either not get married or spend more time with their partners before doing so.

There are many ways in which a divorce could impact a person’s finances. For instance, it may be necessary to split a retirement account or pay for a house on a single income. An attorney may help an individual retain as much marital property as possible so that he or she can maintain a reasonable standard of living after a marriage ends. This might make it easier to enjoy a comfortable retirement or retire at all.