If you are going through a divorce after 50, you are probably hearing a lot of misinformation. Some of this may come from people who mean well. But the wrong information can lead to bad decisions, emotionally and financially. Below are five myths worth clearing up to help you make informed choices about what comes next.
Myth 1: You will not find many people divorcing after 50
Divorce at this stage can feel isolating, but you are far from alone. The divorce rate for adults 50 and older has doubled from 1990 to 2010. It has since stabilized, but remains significantly higher than in previous decades. Today, gray divorce accounts for about a quarter of all U.S. divorces.
Myth 2: You will always get alimony
If you earn less than your spouse, you may assume long-term alimony is automatic. This may not always be the case. In California, for marriages of 10 years or more, the court generally retains jurisdiction over spousal support (meaning it may be ordered, modified, or continued without an automatic end date). However, support is not automatic and it may still be set for a limited term depending on the facts, like your age, health, earning capacity or marriage length.
Myth 3: You will divide everything 50/50
You might think every asset gets divided 50/50. It may not always be that simple. In California, the total value of what you built together during the marriage must be divided equally. However, that doesn’t mean each item gets cut in half. The court decides which assets each spouse keeps so the overall value comes out equal.
Myth 4: You cannot touch retirement savings in a divorce
You may believe your 401(k) or pension is off-limits in a divorce. It usually is not. A qualified domestic relations order (QDRO) is typically used to divide ERISA-qualified employer retirement plans (like many 401(k)s and pensions) and may award a share to a former spouse. Government or military plans may follow different rules.
Myth 5: You will never recover financially
Divorce should not mean lifelong hardship. You could rebuild by reworking your budget or downsizing. Proper legal guidance and a sound financial plan can help keep your financial independence.
Divorce may be life-changing, but it should not define your future. With the right information, you can protect your finances and your peace of mind, even after your marriage ends.
