What is Gray Divorce?

Divorce nowadays is as common as marriage and, as you would guess, it has different outcomes at different stages of life. Gray Divorce refers to the increasing trend of divorce among older adults, typically those aged 50 and above. It's a growing phenomenon, especially as life expectancy rises and societal views on divorce shift.

Gray divorce can have significant, long-term effects on an individual's health, finances, and social well-being.

In Healthcare, divorce stress can exacerbate chronic conditions and mental health issues, such as depression or anxiety. Many older adults rely on their spouses for caregiving. Post-divorce, they may need to hire external care or rely on adult children. divorce might lead to the loss of spousal health insurance, creating more expenses.

In Living Conditions, many older adults may need to sell their family home and move into smaller, more affordable housing. Plus, older adults living alone might face isolation, impacting both mental and physical health.

Financial Distress

Divorce often splits assets, which can diminish retirement savings and pensions. Women, in particular, are at a higher level of poverty risk, they statistically have lower lifetime earnings and may face financial instability post-divorce. 

Social Security Risks

It is important to understand the ramifications of gray divorce when it comes to social security benefits. Please take a minute to read this article from Kiplinger.com, and reach out to your financial advisor with questions. 

You can see that Gray Divorce is a factor lending support to the increasing number of solo agers. Here is that checklist again for solo-aging preparedness. 

If you find yourself in Gray Divorce and not sure what to do, call me and we can develop a plan together with the right resources you need for your situation. Again, you never need to walk this journey alone!