'Gray divorce' has doubled since the '90s — and the financial risk is high for women

cnbc.com:

Breaking up in old age can be costly, especially for women.

The rate of "gray divorce" — a term that describes divorce at age 50 and older — doubled from 1990 to 2019, according to a 2022 study published in The Journals of Gerontology. It tripled for adults over age 65.

In 1970, about 8% of Americans who divorced were age 50 and older. By 2019, that share had jumped to an «astounding» 36%, the study found.

About 1 in 10 people — 9% — who divorced in 2019 were at least 65 years old.

Meanwhile, rates of divorce have declined among younger adults, according to Susan Brown and I-Fen Lin, sociology professors at Bowling Green State University who authored the analysis.

In heterosexual relationships, gray divorce typically «has more negative implications for women than for men,» said Kamila Elliott, a certified financial planner and co-founder of Collective Wealth Partners, based in Atlanta.

Studies suggest women's household income generally drops between 23% and 40% in the year after a divorce.

The economic effects are «less severe» for men, with some studies showing their income may even rise after a breakup, according to Laura Tach and Alicia Eads, sociology professors at Cornell University and the University of Toronto, respectively. The duo have co-authored several papers on the topic.

Here's a look at more coverage in CNBC's Women & Wealth special report, where we explore ways women can increase income, save and make the most of opportunities.

Those financial disparities seem to be more muted for younger generations of women due to a greater likelihood of them working relative to older cohorts, experts said. Many older adults who divorce today adhered to the traditional notion of a man as a household's sole breadwinner,