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Budgeting and Financial Planning

5 Financial Considerations of Gray Divorce

Rodney Brooks
|
June 20, 2023

It’s a trend that accelerated as baby boomers set new standards for aging. Along with new standards for fitness and living and working longer, boomers set records for divorce. More people over 50 are getting divorced than ever.

People over 50 today account for a quarter of all divorces; people 65 and older make up 1 in 10 divorces. The gray divorce rate has roughly doubled since 1990, according to Bowling Green State University. Arnold Schwarzenegger and Maria Shriver had been married for 25 years. Actor Morgan Freeman was 71 when he divorced. Former Vice President Al Gore and his wife Tipper divorced after 40 years. Bill and Melinda Gates after 27 years.

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Authored By Rodney A. Brooks


TRAFOTFBThe author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.

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“Rodney A. Brooks’ ‘Fixing the Racial Wealth Gap’ is one of the best written and most prescriptive books I’ve read on this prickly subject. Using powerful stats, stories and insightful wisdom, it is written from the heart, mind, body and spirit … plus years of research and thought as a mainstream journalist, Fixing the Racial Wealth Gap is revealing, humorous, instructive and sobering.” – Dr. George C. Fraser

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