Statistics indicate that divorce rates for Americans age 50 and up have increased dramatically and continue to do so, bringing to light some of the sensitive financial issues that accompany a gray divorce. While it is no surprise to Ohio readers to learn that divorce will likely have an impact on finances, they may be surprised to know that divorce is particularly unfavorable to older women. Property division, including division of retirement assets, can be a complicated and stressful process for those nearing retirement age.
Divorce always has a financial impact, but it can be disproportionately bigger for people in the baby boomer generation. Later divorces are not favorable for people close to retirement, and it is particularly important for them to take steps to protect their financial interests at this time. For this reason, statistics have found that many retirement-age women are re-entering the workforce in order to offset the financial impact of their divorces.