I'm 62 with $1.2 million in investments, but I don’t own my home. Can I afford to leave my husband?

Gray divorcement is connected the emergence — but for galore women, the imaginable of leaving a matrimony is daunting.

Take the hypothetical lawsuit of Susan, a 62-year-old who wants to divorcement her hubby aft astir 35 years of marriage. However, she hasn't worked since 2020, erstwhile her occupation was made redundant. Since then, her hubby has supported her, and he's the sole rubric proprietor of their house. She besides relies connected his wellness security and won't suffice for Medicare until she turns 65.

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Prior to that, Susan made a dependable salary. Over the years, she's amassed $1.2 cardinal successful investments, but those assets are not liquid, and she's not acceptable to pat into her status savings conscionable yet.

She knows she's apt entitled to a stock of marital assets, but she's disquieted it won't beryllium capable to enactment surviving connected her own. She's besides wondering if she should assertion Social Security astatine 62, adjacent though it would mean a permanently reduced monthly benefit.

Gray divorcement — oregon divorcement aft 50 — is connected the rise. Divorce rates among those 50 and older person astir doubled since the 1990s, according to the Pew Research Centre (1).

Of those, 34% had been joined for astatine slightest 30 years, and 12% for astatine slightest 40 years. Research from the Pew Research Center suggests that galore later-life divorcees go dissatisfied implicit clip and question greater independency and opportunities to prosecute their ain interests.

But grey divorcees — peculiarly women — thin to beryllium little financially unafraid than joined oregon widowed seniors. Gray divorcement not lone increases expenses (two households alternatively of one), but tin besides alteration taxation situations, property plans, and status security.

Women are importantly little apt than men to person saved $250,000 oregon much successful full household status accounts, according to the Transamerica Center for Retirement Studies. Additionally, astir 22% of women and 15% of men person saved little than $10,000 oregon thing astatine each (2).

With grey divorce, there's constricted clip to retrieve financially, meaning beforehand readying is particularly important if you're considering leaving a matrimony aboriginal successful life.

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In astir cases, you're legally entitled to a stock of marital assets, which tin see property, arsenic good arsenic status accounts, pensions, and investments. However, those assets are divided — and however overmuch you'll person depends connected factors specified arsenic the magnitude of the matrimony and authorities law, unless you person a prenuptial agreement, which whitethorn override default authorities rules.