When you divorce after the age of 50, expect your net worth to drop by roughly 50%. No surprise there, but, as Bloomberg writes, the standard of living — which is income adjusted for household size, drops by 45% for women and 21% for men.* Worse, there appears to be no appreciable recovery of wealth on the standard of living front.
Marriage counseling, which ranges from $50 to $250 per session and averages $150, might be a much less expensive alternative.
David R. Evanson is a financial journalist in Philadelphia.
* Steverman, Ben (July, 2019). Divorce is Destroying the Finances of Americans Over 50. Bloomberg. Retrieved November, 2019