Tips for Women Divorcing Later in Life

 Posted on October 24, 2022 in Property Division

The number of people over 50 getting a divorce is growing. Unfortunately, divorce tends to have a more drastic financial impact on women than it does on men and inflation is only making matters worse. That is why it is important not to rush to get it over with but to fight for what you believe you will need long-term.

Financial Impact of a Gray Divorce

After a gray divorce, women are more likely to live below the federal poverty line compared to men. Women may be at a disadvantage for some of the following reasons: 

• Women settle for lower-paying jobs that provide more flexibility so that they can take care of their children or their aging parents

• It is harder to bounce back financially when retirement may be staring you in the face.

• Women earn less than men and the gap widens later in life

• Women see their standard of living decline by 45 percent after a gray divorce 

That is not to say you should not get a divorce later in life, but you need to make sure you get your fair share in the divorce settlement.

Vet Your Assets

Women tend to outlive men. And while you may be looking at living a longer life, just the daily living expenses combined with inflation and your additional healthcare expenditures will add up on a single income. Only one-quarter of women will remarry or live with a partner after a gray divorce, so we recommend that you protect your assets now to avoid a financial mess down the line. 

It is important to develop a plan to mitigate your risks and capitalize on your opportunities through asset protection in the following categories: 

• Division of marital assets – 401(k) plans, pension plans, IRAs, and stock options

• Property divisions

• Business divisions

• Prenuptial agreements 

The last thing you want after a divorce is to realize that you received less than the full marital assets that were available. We are here to help you navigate through the fine details of the laws and benefits.

Contact a Collin County Divorce Lawyer

If you are part of the Baby Boomer or Gen X generations and are looking to get a divorce, we understand how it can have a profound impact on your lifestyle. We have more than 30 years of experience helping people strategically plan for a financial future during the divorce process. At The Law Office of Linda Risinger a Denton County divorce attorney will guide you and help you make a financially viable transition. Call 972-294-6533 for a free consultation. 

Sources: 

https://www.bgsu.edu/ncfmr/media-events/ncfmr-in-the-news/ncfmr-in-the-news-2019.html 

https://www.gao.gov/assets/gao-20-435.pdf