I divorced in my late 40s, two teenage children.
Downsides were:
It hit the children hard, my daughter the most. My son was relieved (but never said) to be away from his controlling father but both were devastated. However, it didn't actually affect their schoolwork etc. We had to sit the children down and talk them through it; since they were early teens we gave them choices as to who they wanted to live with, and we explained that each of us loved the children very much, the divorce was not the children's fault.
Another downside was accommodation, I had to find somewhere to live as the house went with my husband's job. Finances were tight and we had no savings, so it wasn't as though I got much money out of the divorce...there was nothing to split, no house to sell and get proceeds from. I ended up renting but it was fine, my daughter lived with me but my son came to me in the holidays.
I had to make sure I had a fulltime job, which meant commuting from a rural area. My daughter was only 13 but she had to get herself up and off to school as I'd already left, and she had to come home to an empty house and serve her own supper from the slow cooker (which I'd already left on from the morning). It was hard for her but she actually gained a great deal of independence from doing this, and it stood her good stead in the future. It meant I had to be super organised to do all this, as there was no-one else to help out.
We didn't go on holidays together for a few years, there was just no money at all. But I became much closer to the children than we had been before.
I guess putting this down clarifies it really....the main issues are the children, finances, accommodation and sorting out the practicalities when it's just you as a lone parent doing everything. But those things change over time....the children grow older, you become more organised, finances get better.
You don't want to hear about the positives but I can assure you there were far more positives than the negatives and if I had my time over again, I would still do it.
I didn't bother with other relationships until the children had finally left home; I tried OLD but got bored with it. Personally I'm happy on my own (after two short relationships) but obviously other people are different, that may not suit you at all.
I hope that helps, good luck.