The pitfalls of divorce often grow as one ages

According to a study issued by the National Center for Family and Marriage Research at Bowling Green State University in Ohio, the divorce rate among people who are 50 years old and above have doubled between the years 1990 and 2010.

Annamaria Lusardi, an economist at Foggy Bottom, Washington, D.C.-based George Washington University, said this creates a damp in the would-be retirees’ financial plans as “most couples plan for retirement on the assumption they will be living together.”

Austin, Dallas-based property management company Strada Wealth Management’s divorce financial analyst and mediator Jennifer Failla said that should someone find themself in such a situation, the best thing to do is to assess the status of their financial assets and “start with what you own and what you owe”.

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