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What will divorce do to your standard of living?

On Behalf of | Feb 17, 2022 | Divorce

When you’re going through a divorce, you’re not just looking at the end of your marriage. You’re also looking at the start of this next stage in your life. Things are changing, and you want to know what to expect.

For one thing, your standard of living is going to shift. Income and expenses will be different, you’ll likely live in a new home, and much more. So what will happen to your standard of living, or what tends to happen when people look at the statistics?

Your age may actually play a big role

There are many different factors that contribute, and some studies have found that age is a major one. Those who get divorced at a younger age tend to rebound a bit better and see a higher standard of living. Those who get divorced after their 50th birthday, however, generally see their standard of living decline dramatically.

In fact, some experts have called this a financial shock, and they have indicated that it may be very difficult for people at this stage in their lives to move forward financially. It’s just such a major change to go through a gray divorce, and they’re also trying to think about retirement planning, the medical care they may need in the future, doing their estate planning and much more.

A divorce can really throw a wrench in all of these plans, and it can make it hard for them to accomplish what they had hoped to accomplish when they were still married. This doesn’t mean that you shouldn’t get divorced if you’re over 50 years of age. It just means that you need to be well aware of all of the steps to take to make your divorce process go as smoothly as possible. 

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