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September 2019 Archives

The financial effects of "gray divorce"

A growing number of people in Illinois are choosing to divorce later in life. In the past, older Americans tended to stay together, especially if they were already part of a long marriage. Divorce was less socially acceptable, and people often had fewer expectations of health and lively activity in their retirement years. However, since 1990, the rate of divorce for people aged 65 and older has more than doubled. This trend shows no sign of stopping and has continued even as the divorce rate for younger Americans has actually decreased. There is a number of reasons why "gray divorce" is on the rise, but there are also specific financial concerns that can accompany when middle-aged and senior Americans divorce.

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