Divorce not only can hurt the heart, but also the wallet. The financial fallout can be even worse for those who divorce later in life as carefully managed retirement plans quickly unravel.
So-called gray or late-life divorces have steadily risen since 1990. The divorce rate among those between 55 and 64 has more than doubled, while the rate among couples 65 and older has tripled. Overall, about one in four couples over 50 divorce.
That has some serious financial implications, especially for women. More than a quarter of women who went through a gray divorce fell into poverty, versus 11 percent of gray divorced men. Expectations for a comfortable retirement have to be adjusted when couples split near or during their golden years.
Source: Financial Times
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Attorney Sean Y. Palmer has over 18 years of legal experience as a Texas Attorney and over 24 years as a Qualified Mediator in civil, family and CPS cases. Palmer practices exclusively in the area Family Law and handles Divorce, Child Custody, Child Support, Adoptions, and other Family Law Litigation cases. He represents clients throughout the greater Houston Galveston area, including: Clear Lake, NASA, Webster, Friendswood, Seabrook, League City, Galveston, Texas City, Dickinson, La Porte, La Marque, Clear Lake Shores, Bacliff, Kemah, Pasadena, Baytown, Deer Park, Harris County, and Galveston County, Texas.