Divorces among older people are becoming increasingly common and have serious financial consequences.

When couples divorce, they must deal with decades of shared finances and assets. Divorce at any age is not easy, but when it happens later in life, the separation of spouses can present some unique financial challenges. As the number of "gray divorces" - a term that refers to divorces occurring later in life among older adults - increases, these challenges become more apparent.

After a divorce later in life, both partners see their wealth halved, according to a recent report by researchers at Bowling Green University in Ohio, as reported by USA Today.

According to Bowling Green State University in Ohio, gray divorces are becoming increasingly common today, and the financial consequences for each partner can be significant.