Gray Divorce and the Modern Woman

Divorce rates amount those over age 50 have nearly doubled between 1990 and 2010. Affectionately known as "gray divorce," the divorce process for those nearing retirement can be far more complicated and stressful than for those who are younger.

There are special considerations when you are separating your lives later on, particularly if you have been married for a long time. The financial consequences of gray divorce can have even bigger implications when you no longer have many working years in front of you. For women, the stakes are even higher. If you're in your 50s or 60s and thinking about divorce or in the early stages of divorce, there are important things you need to know.

Why the Uptick In Gray Divorce?

Divorce for those nearing or in retirement used to be relatively rare. There was more of a stigma associated with divorce, and the prevalence of housewives who had no means of financially supporting themselves caused many women to feel trapped in their marriages. 

Research shows that after a gray divorce, a woman's standard of living goes down by 45%, while a man's only goes down by 21%.  However, there is an improvement in overall happiness that seems to outweigh the financial consequences.

Over the years, more and more women have developed careers that allow them to support themselves financially, and this independence is likely a key contributor to higher rates of divorce among older adults. What may have felt impossible 30 years ago, now is much more attainable.

Changing Circumstances 

Empty nests, longer life spans, more financial independence, and being healthier longer in life may all make you question whether you want to spend the rest of your life with your spouse. If you have been consumed with raising your family for the past several decades and suddenly find yourself waking up to a stranger, you may be wondering what you want for yourself. 

It is normal and healthy to rethink where you are, what your life has been, and what lies ahead for the golden years of your life. With shifting social norms, expectations, and growing in opposite directions, you may find that you simply don't have much in common or much connection with your long-term spouse. 

What You Need to Know to Protect Yourself

Since women are likely to see a much more dramatic drop in financial resources after divorce, it is important for them to protect themselves as they go through the divorce process. It is important to get all of the marital assets and income that you are entitled to. Your divorce settlement is going to significantly impact you for the rest of your life.

Things you should carefully consider include:

• Disparity in incomes between you and your spouse
• How much you have saved for retirement
• What assets are owned by you and your husband jointly
• Whether a pre-nuptial or post-nuptial agreement is in place
• What your state's laws say about spousal support
  
   

Get Help Today

Divorce is one of the most stressful emotional and financial experiences you will have in your life. You do not want to do it alone. I have an entire guide to walk you through every single step of the way. You will be able to make the choices that are best for you, protect yourself financially, build for your future, and get a settlement that is fair. Check out the Divorce Money Guide today.