BGSU professor, Susan Brown, says a gray divorce can affect the finances of former couples. The wealth of people getting divorced after age 50 tends to drop by about 50 percent. Experts do not find this surprising since divorce involves dividing a family’s resources.

1. The Effects of Gray
Divorce on the Financial
Health of Couples
The Law Offices of Ian S. Mednick, P.C.

2. According to data from the Bowling Green State University (BGSU), the rate of “gray divorce”
(splitting up at the age of 50 and older) has more than doubled since 1990. That year, the divorce
rate for those aged 45 to 54 was at 13.1 percent, 55 to 64 was at 5.1 percent, and 65 and older
was at 1.8 percent. These rates went up to 18.0 percent, 12.0 percent, and 5.09 percent,
respectively, in 2017.
Challenges and Opportunities
BGSU professor, Susan Brown, says a gray divorce can affect the finances of former couples. The
wealth of people getting divorced after age 50 tends to drop by about 50 percent. Experts do not
find this surprising since divorce involves dividing a family’s resources.
Although financial challenges exist, opportunities may also be explored. For example, couples who
were married for at least 10 years and did not remarry before turning 60 may claim Social Security
spousal benefits from their ex-spouse’s work record. Some divorcing couples may also dip into their
401(k) without getting a tax penalty before turning 59.

3. Despite the effects of gray divorce on finances, former spouses may still live comfortably with the
right division of assets. Divorce attorneys help older adults throughout the entire process of divorce
to make sure both parties get a fair share of their resources.
Division of Assets
In New York, the court distributes marital property fairly and equitably since it is an equitable state.
The court will interfere with the process when the couples cannot agree on property division and
debt, and when they do not have a prenuptial agreement.
Divorcing couples also get spousal support, depending on the case. The court decides whether to
award support after reviewing certain factors, including:
• The length of the marriage
• The ability of each spouse to be self-supporting
• The status of the case and the parties involved
A Reuters report explains divorce gets more complicated financially the older couples get and the
longer marriage they have. Couples aged 50 and older should make their divorce collaborative make
the process easier.

4. Sources:
https://www.bgsu.edu/ncfmr/resources/data/family-profiles/allred-age-variation-div-rate-fp-19-
13.html
https://money.usnews.com/money/personal-finance/family-finance/articles/2017-04-20/gray-
divorce-the-financial-challenges-and-opportunities
https://www.divorceattorneyinlongisland.com
https://www.hg.org/divorce-law-newyork.html
https://www.reuters.com/article/us-money-retirement-divorce/your-money-older-couples-ponder-
financial-impact-of-divorce-idUSKBN17S2KL