Gray divorce (divorce over the age of 50) can be much more difficult than a younger divorce, depending on your financial situation. It can be easier if the couple was reasonably financially prudent throughout their time together and can divorce in an amicable fashion. But if it is contentious and money matters are a problem, there can be profound problems that affect the spouses for the rest of their lives. And women are often the ones who receive the worst of the stress.
There are many reasons women can be at a disadvantage after a divorce, especially if they are over 50. It can be difficult for seniors to return to work if need be: it’s sad, but true, that seniors who lose their jobs are unemployed for longer periods of time than younger workers are, and they are offered much less money for employment. Going further, things only get more expensive the older you get, making it harder to cover essentials such as healthcare.
Why Is It Harder For Women, Though?
Statistically, men tend to earn more in their careers and as a result have larger retirement funds. One estimate by the Women’s Institute for a Secure Retirement says that men, on average, have $10,000 more in their retirement funds. $10,000 may not be a lot in a divorce case, but when you are having to fund your own rent or mortgage, your own furnishing costs for your home, your own car payments without the help of your spouse, that $10,000 could be a godsend.
How serious is the discrepancy? Research from Bowling Green State University suggests that more than a quarter of gray-divorced women live below the poverty line in retirement. Only 11 percent of gray-divorced men have that problem.
Discuss your marriage or divorce-related financial worries with a Denver divorce lawyer.