In this episode of the One of a Kind Financial Show, Certified Financial Planner Mike Milligan and co‑host Gary Nolan discuss the growing phenomenon of "gray divorce"—the rise in divorces among people aged 50 and older—and the financial complexities that arise when those individuals choose to remarry later in life. They cite statistics showing the divorce rate for those 65+ has tripled since 1990 and that nearly 40% of divorces now involve people over 50. The hosts explain how splitting retirement assets can derail retirement plans, and they outline protective legal tools such as prenuptial agreements, trusts, and tailored wills. They highlight the importance of understanding state‑specific property‑division rules (community property vs. equitable distribution) and of integrating emotional and legacy considerations into financial planning. Practical advice is offered for advisors on how to guide clients through asset division, relational planning, and family dynamics (e.g., holiday arrangements). The episode includes repeated calls to action for listeners to schedule a personalized, "one‑of‑a‑kind" financial plan with Mike’s firm, followed by a compliance disclaimer clarifying the advisory nature of the content.
Chapters
Be one of a kind with Mike's plan.
Welcome to the One of a Kind Financial Show with your host, Mike Milligan. I want you to be one of a kind, and being one of a kind means that you deserve a financial plan that is one of a kind, just like you. Well, today is Monday, September 22nd. Did you know on this day in 1615, Anne of Austria married King Louis of France? That was an important marriage during that time because it shaped European alliances Some of which are still in play today. Recently on the One of a Kind Financial Show, Gary and I talked about gray divorce, getting married again, even later in life. So I want you to listen to this because when you say I do again, there's a financial side to that declaration, especially later in life.
All right, terrific. We're glad everybody's along for the ride. We got a great show today. Lots to get to, including gray divorce. The term for splitting up after age 50 has become more popular over the decades, with financial and emotional fallout that stings deeper when retirement is near. But when the 2 formerly independent retirees come back together, merging heavy asset lives and legacies, the stakes are high. So let's unpack how to preserve individual identity while creating a unified and fair Gray Union. First of all, let's talk about the spotlight on gray divorce trends. Talk about some of these trends. They're pretty astounding.
Well, you might think people only go through one marriage in their 30s and 40s, but newsflash, marriages in your 50s, 60s, and even 70s are increasingly ending. In fact, the divorce rate among people aged 65 and older tripled from about 5% in 1990 to 15% in 2022. And today, nearly 40% of those divorcing are over 50 years of age, and the numbers keep climbing. There's a lot of I did turning into I don't. So why, so why not a triumph— a triumphant I do again?
Why not?
That's right. So advisors help clients who are stepping into new coupling together later in life avoid some of those pet Those past midfalls. That's one of the things we do when we see our clients go into a gray union is we start talking about like how assets should be divided. I mean, you know, the older you are, the wiser you are, which means you should have better conversations, especially if you're going into a relationship together. And those, those conversations should include money.
Yeah, there's no question about that. Financial Fallout: When Yours Becomes Mine. And ours, I guess, you know, what to do with all those different assets, Mike?
So let's be, let's be real. Dividing a shared retirement plan late in the game is no walk in the park. It can derail retirement strategy fast. 56% of married Americans say divorce would derail their financial retirement plan, with boomers particularly vulnerable. When assets split, your golden years can feel more like empty pocket syndrome than golden.
Absolutely. So what asset protection tools and strategies like prenups or trusts or tailored wills, what should you use to help advisors help your clients?
Well, if there's inequality in the marriage when it comes to financial assets, you know, having a prenup in place that provides some protection and some performance incentives, by the way, right? Like, for instance, when you get married, after being divorced, you hope it lasts the rest of your life.
Sure.
But the reality is, is it may not.
Right.
And so, when you, when you go from yours and mine, anything that's written down ahead of time, not, not just, not just unwritten contracts, right? We're not trying to, we're not trying to say that a spoken contract, you write it down. You know, some of that will include prenups, some will include trust beneficiary designations, And of course, making sure that your files are in place before you get married. So if anything does derail in the future, you know exactly what was yours.
The show is the One of a Kind Financial Show with Mike Milligan. I'm Gary Nolan, your consumer advocate. I want you to get on Mike's calendar to get you all set up with that one of a kind financial plan. 800-748-1838, 800-748-1838, or text IDEAS to 600-700. Do it right now. The slots do fill up quickly during the show. Emotional identity meets financial Emotional planning. What do we mean by that, Mike?
So anytime you merge households, it's, uh, it's a puzzle, uh, and sometimes it's, it's not logical, it's just like logistics. And so it's making sure the corners fit where they go when the pieces come together, uh, and some of those pieces are emotional. People may hold ties to legacy pieces, you know, like things from their past, and, uh, as symbols of, or, you know, symbols of who they are, their identity. Advisors should weave in relational planning, like conversations about values, legacy and identity, because these aren't optional conversations. They're essential to weaving together a new union when it comes to not only relationships, but also money.
Right. A couple of minutes left, Mike. The law's role, property division and cohabitation nuances. Let's talk about that for a minute or two.
Yeah, here's where geography sneaks into the conversation. Uh, the whole concept of community property versus equitable distribution. 9 states divide everything down the middle. Others aim for fair. Knowing the local divorce laws lets clients tailor their agreements in advance, whether it's cohabitation or remarriage, to avoid unintended surprises.
How about this? A little grace and humor at Thanksgiving as we wrap up the segment.
Yeah, gray divorces shift even the most sacred of rituals like Thanksgiving. Nearly 40% of people divorcing are over 50. Now picture adult kids juggling 2 dinners. But guess what? You're— this, this may be really awkward for the kids. Yes, it might be. Because that is not mom and dad. They didn't grow up with those. They're not stepparents, right? That is now dad's wife or mom's husband with no parental relationship. So, when you're co-hosting or you're alternating years or maybe skipping the turkey parade altogether, you got to have these conversations with your family as you begin new relationships.
Right. There you go. The gray union. Interesting topic. All right, Mike, we're up against the clock. What do you think? Final thoughts?
You know, people who look to get married late in life, to try that walk down the aisle again, are genuinely and uniquely one-of-a-kind people. See, that's the interesting part about our firm, Ideas by Mike, and our One Oak family, is that we want to work with people who are doing the unique things in life. We bring a sense to the table Or a plan to the table that is unique because you are unique. That plan includes a tax plan, retirement income plan, investment plan, long-term care, legacy plan catered for you. So wherever you are in your life, whether it's, you know, late in life divorcee, late in life remarriage, being single for the rest of your life, if you are— if you need a financial plan that is tailored to you, give us a call because we will build a one-of-a-kind financial plan.
Folks, there's no cost, there's no obligation. Get a better handle on your financial situation. Call this number right now. The folks at Ideas by Mike are standing by. 800-748-1838. 800-748-1838. Or text IDEAS to 600-700. No cost, no obligation. Find out what your investments are really costing you. Do it right now. Get that one-of-a-kind financial plan that Mike talks about.
One last message from our company.
compliance team. As a reminder, Mike Milligan, Certified Financial Planner, is an investment advisor representative of Advisory Alpha LLC, an SEC-registered investment advisor. All opinions expressed by me, Mike, or any podcast guests are solely our opinions and do not reflect the opinions of Advisory Alpha. This recording is for informational purposes only, should not be relied on solely for investment, tax, or legal decisions, and it's in no way intended to communicate or guarantee specific performance or suitability of any security instrument or product as we may have discussed. Investment advisory and financial planning services offered Through Advisory Alpha LLC, a registered investment advisor. Insurance products are provided by Ideas by Mike, a licensed agency located in Norfolk, Virginia, and licensed to do business in all 50 states. While tax and legal issues may be discussed in the general course of financial and investment planning, Advisory Alpha does not provide tax or legal services. Please consult with your tax or legal professional prior to making decisions related to these issues. If you want us an appointment with Ideas by Mike or One Oak Financial, please reach out via our website. This podcast is produced in conjunction with Mike Milligan LLC.
Mike's got the way to help you rise and stay. Leadership impact you'll find in your one-of-a-kind mind. Be one of a kind. Take the flight. Mike's the guide. You'll shine bright.
