The divorce rate in the United States among people 50 or older has doubled since 1990, according to a study by the National Center for Family and Marriage Research at Bowling Green State University in Ohio. And as the American population steadily ages, grey divorces will keep rising. By 2030 it is estimated that 800,000 will occur annually.

Besides causing depression and dashing dreams, these senior divorces can sabotage retirement plans as assets are cut in half and expenses as a divorced single rise. There isn’t enough time left to enhance portfolios post-divorce, so you have to be careful to get the best settlement you can. Some people may never recover. Newly divorcing couples are often stressed and depressed and often don’t make the right decisions regarding settlement and the division of assets. Remember that divorce settlement mistakes will last for the rest of your life.

Downsizing your standard of living can be one of the results of a grey divorce. Living in a smaller home and taking fewer vacations or not being able to take the vacations you would like to take is often the result of the divorce. Not being able to shop, one of life’s pleasures, or go out for an extravagant dinner…

Hiring a financial planner along with a good divorce lawyer can help you negotiate a better settlement. These planners can help divorcing couples navigate retirement plan laws, make cash-flow forecasts and maximize tax-free distributions. People often don’t realize that alimony is taxable; and alimony can only be short-term. You need to think of a divorce as a business transaction.

Your life will definitely change. But on the positive side, if you were in an unhappy or abusive relationship, your life will change for the better.

The key is making sure the divorce doesn’t turn into a war. Everyone loses when that happens. The only winners are the attorneys.