“Til death do you part,” is also a well-known, if not growingly antiquated phrase. Longtime statistics have revealed the vow to be more of an unfulfilled promise uttered during a marriage ceremony. A significant percentage wind up permanently parting from their spouse.
While the seventies and eighties saw a surge in marital dissolutions, the past two decades saw a drop in divorces. However, one category continues to grow. The rate of couples 50 and older ending their marriages have doubled since the nineties.
In modern-day parlance, “Gray Divorces” are trending.
With newfound liberation later in life comes the risk of loss when it comes to financial security, particularly for women who did not participate in significant monetary decisions. According to UBS Global Wealth Management, 56 percent of “gray divorcees” did not play a role in major investment and planning decisions, abdicating those important duties to their spouses.
That lack of knowledge by newly minted ex-wives has led to less than positive financial surprises. Many who recently divorced have discovered both assets acquired and debts from excessive spending hidden from them. However, the news is not all bad. Many uncover significant largesse as they enter a new chapter.
Regardless of age, divorce represents a significant risk, particularly for older women looking forward to life after marriage. A sense of financial security can bring certainty during a decidedly uncertain time.