A gray divorce is commonly understood to be a divorce after age 50. The trend towards gray divorce is becoming increasingly popular. The rate of divorce for people over 50 in the U.S. has doubled since 1990.
While divorcing can be difficult at any age, a gray divorce can have serious implications on your emotional and financial wellbeing. This type of divorce is also likely to impact your standard of living.
Your gray divorce might leave you sadder than you thought was possible. A recent study found higher levels of depression from a gray divorce than from the death of a spouse. It explained that it takes around four years for your depression to dissipate.
The study found that the remedy for this divorce-induced depression is to remarry or re-partner. This is likely to put an end to your depression quickly.
The economic effects of a gray divorce can be severe. Research conducted on U.S. citizens born before 1960 found that, gray divorce tends to decrease individuals’ wealth by around 50%.
Unlike younger people, who have many years of work ahead of them, gray divorcees have a harder time financially recovering from the divorce process.
Standard of living effects
The standard of living falls for both parties after a gray divorce. However, women are hit especially hard. Their standard of living decreases by 45%, while men’s standard of living falls by 21%.
You’ve been with your spouse for a long time, but it’s becoming difficult. A gray divorce may be challenging, but having a solid legal and emotional support system can make the road easier.