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Adjusting lifestyles after divorce in Oklahoma

The divorce rate among people aged 50 or older has increased significantly since 1990. Overall, roughly one out of every four couples in that age group will go through a divorce. While divorce is an emotional experience for most people, it could also have unique financial consequences as well. Most importantly, it could influence when a divorcing spouse is able to comfortably retire.

Statistically, women tend to experience more difficult financial times if they get divorced at or after the age of 50. Known as a gray divorce, more than 25 percent of woman who go through one experience poverty compared to just 11 percent of men. One reason why parties who go through a divorce later in life may have a hard time recovering financially is that they could lose half of the their retirement fund through property division.

In addition, both individuals have to pay for food, housing and other expenses on their own. To pay these expenses, it may be necessary to cut back on retirement contributions, which reduces an individual's compounding balance. In some cases, those who experience a gray divorce may be entering the workforce for the first time, which may limit their opportunities to make money. To deal with new financial realities, it is recommended that the marital home be sold and proceeds split between both parties.

There are a variety of assets that could be subject to division after a divorce. Therefore, it may be a good idea to talk to an attorney before agreeing to a settlement. An attorney might be able to help his or her client get everything to which he or she is legally entitled. It may also be possible to review prenuptial agreements to ensure their validity.

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