The good news for Massachusetts residents is that the overall divorce rate has dropped in recent decades. However, for those over the age of 50, it is actually increasing. This can be a particularly troubling time to get a divorce because these individuals may be thinking about retirement. It may also be their peak earning years, which means a divorce could pose a threat to financial security.
Those who are thinking about getting a divorce may benefit from reviewing their expenses as well as how they may change once they are single again. For instance, car insurance may be higher for single individuals compared to those who are married. A financial review may also be helpful because many people don't have an accurate measure of how much they actually spend. As income may go down after a divorce, it may also make sense to downsize.