When a couple in Indiana makes the painful choice to end their marriage, one of the next things they face is the challenge of splitting up their marital estate. In most situations, both spouses end up losing some of their assets or treasured belongings. At the same time, each person must establish their own solo household. Since living alone costs more than living with someone else, this coupled with the loss of assets can contribute to financial challenges.
For some people, the financial dip they experience during and after a divorce may be something they can rebound from over time. For others, however, that may not be possible. Yahoo Finance recently reported on the results of some research conducted at Bowling Green State University that shows how serious the financial impact of a divorce can actually be on people over the long haul.
The research found that poverty rate for people over the age of 62 who have never been divorced was 3.4%. Among people of the same age who were divorced before the age of 50 and later got married again, the poverty rate was 3.1%. For those who were divorced after 50 and then got married again, it was 3.3%.
Poverty rates for people who were divorced and never got married again ranged from 10.7% for men divorced before 50 to a staggering 26.9% for women divorced after 50. Women who were divorced before they turned 50 had a poverty rate of 18.6%, the second highest among all groups. For men divorced after 50, the poverty rate was found to be 11.4%.