Would you believe “grey divorces” are on the rise?
The Women’s Eye has tackled the subject of financial fallout after a divorce in the past, but now there is an increasing conversation surrounding the “grey divorce.”
This episode of the Women’s Eye Podcast with host Stacey Gualandi and financial planner Catherine Scrivano addresses the increasing numbers of this new phenomenon. The statistics are growing. Last year, according to research by Bowling Green State University, boomers and older adults are three times more likely to be divorced these days than they were in the 1990s.
“This is a term … used to segregate and study the effects and some of the planning opportunities around couples who divorce after the age of 50,” says Scrivano.
“Because our life expectancies are longer, people in their later years are thinking about quality of life decisions, and perhaps an unsatisfying relationship needs to end because they’re going to live for another 40 years.”
— Catherine Scrivano, Financial Planner
Available also on Apple Podcasts, Spotify and YouTube
Catherine is a financial expert and contributor to The Women’s Eye Podcast for our signature Building Money Power series.
There is an underlying reason why the number of divorces happening for couples in their fifties and beyond are more common, says Scrivano.
“Women tend to live longer, and we tend to be the caregivers. Now, I can’t stress enough that that’s not always the case. That’s certainly not boilerplate. But if you look at numbers, which is what I love to do all day, the likelihood of a woman outliving her partner and being the caregiver at the end of their life are higher.”
Women definitely bear the brunt of this. Their standard of living tends to fall by more than 40 percent while men’s general standard of living declines about 20 percent.
You’ll learn steps to consider before you file for a divorce:
- How to take the emotion out of the situation
- How not to be impulsive
- How a financial professional can help “crunch the numbers”
- How important it is to “gather the facts” and apply them to your lifestyle
“I don’t think there’s any chance of going through a divorce that’s not stressful and sad; that’s just built in, but it doesn’t have to be adversarial,” says Scrivano.
“We’re going through a tough, tough time, our hearts are hurting, and we want to just feel better. But let the numbers work for us, not against us.”
Join us for practical financial advice from Catherine Scrivano on this episode of The Women’s Eye podcast.
Check out Catherine’s Building Money Power podcasts!
Catherine says,
“You don’t have to be wealthy to be wise.”
For more information about Catherine Scrivano:
Website: www.cascofinancial.com
LinkedIn: Catherine Scrivano
Facebook: Casco Financial Group
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