Gray Divorce Boom: A Retirement Train Wreck

With increased life expectancies increasing, people are also deciding to divorce later on in life. As people live longer, their expectations for what later life looks like have changed. As Americans, we place a high value on fulfillment and feel entitled to our own happiness, no matter our age. And the reason older couples decide to divorce are the same as younger couples – unforeseen issues, infidelity, or simply growing apart. Over the past few decades, greater options for women in the work world have led many to seek independence if they are unfulfilled or are suffering abuse from a spouse. (According to the National Center for Health Statistics, approximately 80% of divorces are initiated by women.) 

The fallout from a divorce can take years to recover from, both emotionally and financially. And though no couple wants to talk about divorce, it is the job and role of the financial planner to make sure their clients are prepared for all outcomes for the future. A client should be honest with their professionals, and lay out all expenses that they expect to pay for with or without a divorce – such as education for children or grandchildren, major home repairs, family health issues, new cars, and so on.

See Greg Sullivan, Gray Divorce Boom: A Retirement Train Wreck, Financial Advisor, August 2018.

Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.