No one likes to take a financial hit as a result of a divorce in New York. However, people over 50 often have the most to lose in a divorce because they typically have acquired much more over the course of their lives than a younger individual would have. One out of four people are now getting divorced past age 50, right before their retirement years.
In 2010, over half a million people got divorced at age 50 or older. This is much higher than the number who got divorced in this particular age group in 1990, which was 200,000. Many of these individuals’ chief challenges include dividing accumulated assets as well as gaining control over their finances.