‘Gray divorce’ is up 40%, fueling a fast-growing field of advisors who oversee the breakups of long-married couples. Do you know what they know?

Take Betsy Goldstein. When she began divorce proceedings at 53, she had to deal with years of taxes, retirement accounts and home-ownership paperwork. “I really needed hand-holding,” she told Bloomberg (2).

But it’s about more than dividing assets; it’s about building a solid foundation for the rest of your life.

Why gray divorces can really set you back

There are many factors contributing to so-called gray divorces. And it’s not just an emotional shock; the financial devastation from a divorce during this phase of life can have a huge impact.

In Goldstein’s case, she got help from a certified divorce financial analyst, or CDFA. The CDFA helped her build budgets, map expenses and created a plan she could follow. Goldstein had never had to navigate any of it solo before, so having a specialist helped. Five years later, she’s still a client.

Stories like Goldstein’s, and the fact that the divorce rate among people 50 and older has roughly doubled since the 1990s, help explain why the number of CDFAs has jumped about 40% in the U.S. over the last decade, to approximately 3,500 (3, 4).

Research shows just how tough a late-in-life split can be on household finances, especially for women. One analysis of “gray divorce” found that after a breakup at 50 or older, women’s standard of living drops by about 45%, while men see a roughly 21% decline. And unlike younger divorcées, many older adults may never fully recover financially, especially if they don’t remarry (5).

If one spouse stepped away from full-time work to raise kids or take care of family, that time out of the workforce means fewer retirement dollars and smaller Social Security payments. So when the house and pension get divided, the lower earner is often the one struggling to rebuild. (6)

Smart financial moves before or during a divorce over 50

If you’re over 50 and divorce is looming, there are some financial moves you can make to protect yourself.

Build a full “money map”

To protect yourself and your assets, you need a full picture of your finances. Get a complete view of both joint and individual accounts, including bank accounts, retirement accounts, pensions, property titles, insurance policies and beneficiary designations. And be sure to list all debts (7).

Start putting paperwork in your name

Open separate checking or savings accounts, get a credit card if you don’t have one, ensure you understand how to log in to any online statements and build a small emergency fund. These are critical steps toward independence and building credit.

Understand retirement accounts

Retirement accounts, pensions and annuities may be the bulk of your joint wealth, but dividing them incorrectly can trigger taxes, lost income or other long-term consequences. If you can, run through different scenarios (such as keeping the house, splitting accounts and selling and reinvesting) and think about what income you’ll need in the future (8).

Know your Social Security rights

If you were married for at least 10 years, you may be eligible to claim Social Security based on your ex-spouse’s earnings rather than your own (9). That can be especially important if your work history or contributions are limited.