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'Gray divorce', why it happens and what are its consequences

'Gray divorce', why it happens and what are its consequences

Have you ever heard this term? From the very word "gray divorce", it is not so difficult to understand. Gray divorce is one that occurs at an older age.

The divorce rate has doubled since 1990 for Americans over 55. For couples over 65, the rate is tripled.

And financially, the fewer 'grey divorcees' there are, the better.

Gray divorce has increased in recent decades, federal data show, even as the divorce rate for young Americans has fallen.

One in 10 people getting divorced today is 65 or older. This means that many people will grow old alone.

Some demographic factors have fueled the gray divorce phenomenon even more. The fact that the American population is aging, that people are living longer and especially marrying later.

Gray divorce requires a huge cost

In dollar terms, divorce is expensive for anyone. However, for the elderly the costs are higher.

A man can expect his standard of living to drop by 21% after a gray divorce, while a woman's standard of living will drop by 45%. Both partners see their fortunes already halved.

Women appear to be more likely to initiate a gray divorce. However, they suffer even worse financially for several reasons. They receive the most childcare, along with the greatest costs, and have fewer opportunities and work experience. This is due to the fact that they raised and took care of the children at home, while the men worked.