A trend that has become firmly established as we enter the new millennium is baby boomers are divorcing at a rate twice as high as it was in the late 20th century. As life expectancy rises, attitudes about divorce continue to evolve. Nowadays, 36 percent of U.S. adults getting divorced are aged 50 or older; divorce among baby boomers is here to stay. Unfortunately, it’s a sad fact that divorce past 50 can be financially devastating, especially if you’re nearing retirement.

You save money for a comfortable retirement that would include your golden years spent as a couple. Now, that same amount of money will be needed to support not just one, but two households. According to experts, divorce-related costs range from 30 to 50 percent higher than they would be if you remained married. That comfortable nest egg is now required to fund two of everything, including two homes, two cars, separate vacations, separate visits with the grandchildren, etc. This duplication could result in an alarming rate of depletion of retirement savings. 

You’ll probably have to make some challenging decisions. Either you can live more modestly, or you can wait to retire and save more money. It could be necessary for you to think about selling the marital home and split the proceeds so you both can downsize. Selling might make more sense than trying to hold onto that equity because it can generate revenue for living expenses.

Disability and illness may force you to make challenging decisions. Knowing that your partner will be there to help care for you gives you some peace of mind. Your children may have to shoulder this responsibility after divorce, or you may need to dip back into your nest egg to hire some help.

The best thing you can do if you find yourself thinking of divorcing after age 50 is work together with your spouse and be prepared with organized financial documents. To lessen the financial burden, make sure to work with a financial advisor along with that attorney or mediator. 

Since the kids are probably grown, your finances and your emotions will be the main casualties of a gray divorce. With their specialized training in the  financial areas of divorce, a CDFA® can assist you in making sure all-important issues are addressed. They will assist you in determining how to divide the pension, whether spousal maintenance is necessary and help you see with certainty if you can keep the house. Some attorneys or CPAs hold the certification, but if not, adding a CDFA® to your team is well worth the cost. In the end, your best chance of surviving is to let the experts handle the finances and legal issues so you can focus on taking care of yourself.