Higher levels of depression compared to those who are widowed.
Wealth drops 50% (not more due to costs of divorce like lawyers and transaction costs?).
Women standard of living drops 45% (double the drop for younger women divorcing).
Men standard of living drops 21% (versus little drop for younger men divorcing).
Article does not even mention the effect on those who have kids who may be in K-12 school or college. As frequently mentioned here, those in or considering college will find having divorced parents to be a large disadvantage:
Many of the colleges with good financial aid require both parents' finances, making them inaccessible if they are not cooperative.
Less money for college, even if parents are cooperative, due to higher expenses in separate households.
Less money for extracurricular activities before college.
Custody / visitation arrangements can interfere with extracurricular activities and the like.
Yup. Divorce over 60 here. Certainly no depression, lots of relief. But financial disaster. One still in college, one in grad school, living in small apartment after selling house as required in agreement. Worth it but emotional pain is replaced by financial pain
I read that as “your combined wealth drops 50%.” So if the married couple had a net worth of $100k prior to the divorce, and split everything equally, each of them would have $25k after.
It’s ten months out after finding out I’m part of a (surprise)cliche gray divorce. (Age 64) Our finances aren’t totally separated yet but I’m seeing how much running two households will cost. The internet/cable bill doesn’t go down now that spouse is gone. His rent will cost him as much as my house taxes and upkeep. I am looking forward to money being separate so I can really see what I’m spending and make my choices. I had a lot of years as a SAHM so never felt good about spending for myself. So there will be less total $ but I will be free to spend and save as I like. Makes me nervous that each of us is now more vulnerable to needing assisted living or other help at an earlier age without another person in the house. Also a burden for our kids as we age–will have to check two places to see if mom and dad are ok. (Just went through end of life years with mother, father and FIL.)
