The divorce rate among over-50s is booming. Dubbed the ‘Silver Splitters’ there is a global tsunami of people in their 50s and 60s who are saying ‘no more’.
Figures suggest the divorce rate among baby boomers is booming, with divorces doubling in the last decade. Today one in four in this age group are untying the marital knot.
We know that you can reach a point in a long marriage where you say, “This is not the way I want to live.” Or you have to decide, “Do I really want thirty more years of this?” Or you muddled through while living parallel lives, but “when the money ran out [and you] had to face each other,” you chose to get out.
Women tend to have higher expectations for their emotional life, and are less inclined to just put up with a poor situation. Combining this with their increased career achievements and financial security, plus a general feeling of empowerment, leads them to initiate about 60 percent of the splits.
And another insight worth noting: With children in their twenties, most Over 50’s don’t feel they need to “stay together for the kids.” But beyond that, many women actually see the act of getting out as good role modeling for those young adult children. They feel they’re showing their kids they won’t let fear rule their lives, and that they’re willing to take a risk in the pursuit of a better situation.
While every situation is different, even after property and assets are settled women can find themselves requiring a mortgage to purchase a new home and having to remain in the workforce for longer than planned.
Some of the new trends we see now are for those in similar situations banding together to rent a home that is more in keeping with the standard they were used to rather than buying into a property that is burdened with a mortgage and maintenance responsibilities. Another is to take in international students or boarders to cover costs.
Although popular in North America and Europe, certified divorce financial planners are yet to make it to New Zealand. You can start yourself, by taking stock of your day-to-day finances, then work your way up to tackling longer-term money issues.
Start the conversation....what has been your experience???