As we embrace the 21st century, one noticeable trend has become increasingly common: Baby Boomers are divorcing at twice the rate compared to previous decades. With longer life expectancies, our perspectives on divorce are shifting. While the rate of increase may have stabilized, it seems that divorces among Boomers are becoming a permanent fixture. Unfortunately, divorcing later in life, particularly close to retirement age, can have severe financial repercussions.

You diligently saved for a cozy retirement, envisioning your golden years shared as a couple. But now, those savings must stretch to cover two separate lives. Experts suggest that post-divorce expenses can soar by 30-50% compared to staying together. Your once comfortable nest egg must now stretch to cover double the expenses: two households, two sets of bills for utilities, groceries, transportation, vacations, visits with grandchildren, and more. This sudden duplication can rapidly deplete your retirement savings.

Chances are, you'll encounter some tough decisions. You might need to either lower your lifestyle expectations or postpone retirement to save more. Selling the family home to downsize and divide the proceeds might be necessary for both of you. The equity from the sale can provide additional income to support your separate lives. In many cases, selling the house makes more financial sense than one person attempting to maintain it on their own.

Illness and disability can bring about tough decisions. When you're a couple, there's reassurance in knowing that if one of you falls ill or becomes disabled, the other will be there for support. However, after divorce, this responsibility might shift to your children or require dipping into your nest egg again to afford assistance.

If you're contemplating divorce after reaching your 50s, it's crucial to minimize the potential damage. Cooperating with your spouse and organizing your financial documents can significantly ease the process. Equally important is hiring a financial advisor alongside your attorney or mediator to help minimize the financial impact.



With children likely grown, the primary challenges of a gray divorce revolve around finances and emotions. Certified Divorce Financial Analysts® specialize in financial matters related to divorce and can ensure all necessary issues are addressed. They can provide clarity on whether keeping the house is feasible, if spousal support is needed, and how to divide pensions. While some attorneys or CPAs may hold this credential, it's worthwhile to invest in a CDFA® if they don't. Ultimately, entrusting professionals to handle the financial and legal aspects allows you to focus on self-care and emotional well-being.