If you file for divorce after 50 years of age, there are unique age-related financial concerns you must keep in mind. One issue is worrying if you have enough money to retire comfortably and enjoy your accustomed lifestyle.
Research has proven that these concerns are valid. While both men and women face financial hardships after divorce, women often have more issues than men. While the divorce rate for younger couples is decreasing, the opposite is true for those over 50. It is essential to understand the unique financial issues that you may face in this situation.
The impact of divorce on women vs. men
When women over 50 divorce, their income drops an average of 41%, while men of the same age only see an income reduction of 23%. Also, women have a more significant drop in their standard of living after a divorce than men, at 73%. In fact, men tend to increase their standard of living by 23%.
Why do women suffer more financially?
There are a few reasons older women experience more issues financially after divorce. For example, some older women do not have many career options if they take time away from work to care for their families. Women also (even today) usually make less than men their age. As a result, it takes more time for them to rebuild than men when they divorce.
Protecting your financial health after divorce
When women over 50 years of age divorce, they need to consider the significant financial impact it can have on their lives. In some situations, working with a financial advisor is recommended. It is also wise to know whether you are legally entitled to spousal support or additional assets so that you’re financially secure after your divorce.